As filed with the Securities and Exchange Commission on December 1, 2016

Registration File Nos. 333-134820 and 811-21907

 

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-4

 

 

 

 

REGISTRATION STATEMENT

UNDER

 
  THE SECURITIES ACT OF 1933  
  Pre-Effective Amendment No.  
  Post-Effective Amendment No. 12  
  and/or  
 

REGISTRATION STATEMENT

UNDER

 
  THE INVESTMENT COMPANY ACT OF 1940  
  Amendment No. 13  

(Check appropriate box or boxes.)

 

 

TIAA Separate Account VA-3

(Exact Name of Registrant)

 

 

Teachers Insurance and

Annuity Association of America

(Name of Insurance Company)

730 Third Avenue

New York, New York 10017

(Address of Insurance Company’s Principal Executive Offices)

Insurance Company’s Telephone Number, Including Area Code: (212) 490-9000

 

 

 

Name and Address of Agent for Service:    Copy to:

Rachel D. Mendelson, Esquire

Teachers Insurance and Annuity

Association of America

730 Third Avenue

  

Stephen E. Roth, Esquire

Sutherland Asbill & Brennan LLP

700 Sixth Street, N.W., Suite 700

Washington, DC 20001-3980

New York, New York 10017   

 

 

It is proposed that this filing will become effective (check appropriate box)

 

immediately upon filing pursuant to paragraph (b) of Rule 485
on December 1, 2016, pursuant to paragraph (b) of Rule 485
60 days after filing pursuant to paragraph (a)(1) of Rule 485
on (date) pursuant to paragraph (a)(1) of Rule 485

If appropriate, check the following box:

 

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Title of Securities Being Registered:    Interests in a separate account funding variable annuity contracts.

 

 

 


LOGO

TIAA Separate Account VA-3

Teachers Insurance and Annuity Association of America

SUPPLEMENT NO. 1

dated December 1, 2016

to the Prospectus Level 1 dated May 1, 2016

This supplement amends certain disclosure in the prospectus for the TIAA Access individual and group variable annuity contracts. Please keep this supplement with your prospectus for future reference.

1. The following Funds are added as underlying investments for investment accounts available under the terms of your contract. You may only invest in those investment accounts available under the terms of your employer’s plan.

 

Fund    Investment Advisor    Investment Objective / Benchmark
American Beacon Holland Large Cap Growth Fund
(Institutional Shares)
   American Beacon Advisers, Inc.    The Fund primarily seeks long-term growth of capital. The receipt of dividend income is a secondary consideration.
Ariel Appreciation Fund
(Institutional Class)
   Ariel Investments, LLC    The Fund seeks long-term capital appreciation.
Champlain Mid Cap Fund
(Institutional Shares)
   Champlain Investment Partners, LLC    The Fund seeks capital appreciation.
Delaware Emerging Markets Fund
(Class R6)
   Delaware Management Company    The Fund seeks long-term capital appreciation.
JP Morgan Small Cap Value Fund
(Class R6)
   J.P. Morgan Investment Management Inc.    The Fund seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.
Lazard International Equity Portfolio
(R6 Shares)
   Lazard Asset Management LLC    The Fund seeks long-term capital appreciation.
Lord Abbett High Yield Fund
(Class R6)
   Lord, Abbett & Co. LLC    The Fund seeks a high current income and the opportunity for capital appreciation to produce a high total return.
MFS Mid Cap Value Fund
(Class R5)
   Massachusetts Financial Services Company    The Fund seeks capital appreciation.
Nationwide Geneva Small Cap Growth Fund
(Institutional Class)
   Nationwide Fund Advisors    The Fund seeks long-term capital appreciation.
Parnassus Fund
(Institutional Shares)
   Parnassus Investments    The Fund seeks long-term capital appreciation.
Templeton Global Bond Fund
(Class R6)
   Franklin Advisors, Inc.    The Fund seeks current income with capital appreciation and growth of income.


Fund    Investment Advisor    Investment Objective / Benchmark
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund    T. Rowe Price Associates, Inc.    The Fund seeks long-term growth of capital by investing primarily in common stocks of small growth companies.
Vanguard 500 Index Fund
(Admiral Shares)
   The Vanguard Group, Inc.    The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The Fund primarily invests its assets in securities selected to track the S&P 500 Index.
Vanguard Equity Income Fund
(Admiral Shares)
   Wellington Management Company, LLP and The Vanguard Group, Inc.    The Fund seeks to provide an above-average level of current income and reasonable long-term capital appreciation.
Vanguard Extended Market Index Fund
(Admiral Shares)
   The Vanguard Group, Inc.    The Fund seeks to track the performance of a benchmark index that measures the investment return of small- and mid- capitalization stocks. The Fund primarily invests its assets in securities selected to track the S&P Completion Index.
Vanguard Total Bond Market Index Fund
(Admiral Shares)
   The Vanguard Group, Inc.    The Fund seeks to track the performance of a broad, market-weighted bond index. The Fund primarily invests its assets in securities selected to track the Bloomberg Barclays U.S. Aggregate Float Adjusted Index.

2. The Range of Total Annual Fund Operating Expenses is updated to reflect a Net Annual Fund Operating Expenses minimum of 0.05% and a maximum of 1.32%.

3. The Total Annual Fund Operating Expense By Fund table is updated with the following information about the Funds listed above.

TOTAL ANNUAL FUND OPERATING EXPENSES BY FUND

 

    

Management
(investment
advisory)

Fees

   

12b-1

Fees

  Other
Expenses
   

Acquired

Fund
Fees and
Expenses

    Total
Annual
Fund
Operating
Expenses
   

Expense
Reimburse-

ments/
Waivers

   

Net Annual

Fund
Operating
Expenses

 

American Beacon Holland Large Cap Growth Fund (Institutional Shares)

    0.45%          0.43%        0.01%        0.89%               0.90%   

Ariel Appreciation Fund (Institutional Class)

    0.69%          0.10%               0.79%               0.79%   

Champlain Mid Cap Fund (Institutional Shares)

    0.73%          0.23%               0.96%        0.01%        0.95%   

Delaware Emerging Markets Fund (Class R6)

    1.18%          0.17%               1.35%        0.03%        1.32%   

JP Morgan Small Cap Value Fund (Class R6)

    0.65%          0.12%        0.01%        0.78%        0.01%        0.77%   

Lazard International Equity Portfolio (R6 Shares)

    0.75%          0.17%               0.92%        0.12%        0.80%   

Lord Abbett High Yield Fund (Class R6)

    0.54%          0.14%               0.68%               0.68%   

MFS Mid Cap Value Fund (Class R6)

    0.72%          0.06%               0.78%        0.01%        0.77%   

Nationwide Geneva Small Cap Growth Fund (Institutional Class)

    0.84%          0.15%               0.99%               0.99%   

Parnassus Fund (Institutional Shares)

    0.62%          0.08%               0.70%               0.70%   

 

2


    

Management
(investment
advisory)

Fees

   

12b-1

Fees

  Other
Expenses
   

Acquired

Fund
Fees and
Expenses

    Total
Annual
Fund
Operating
Expenses
   

Expense
Reimburse-

ments/
Waivers

   

Net Annual

Fund
Operating
Expenses

 

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

    0.64%          0.18%               0.82%               0.82%   

Templeton Global Bond Fund (Class R6)

    0.48%          0.04%        0.01%        0.53%        0.02%        0.51%   

Vanguard 500 Index Fund (Admiral Shares)

    0.04%          0.01%               0.05%               0.05%   

Vanguard Equity Income Fund (Admiral Shares)

    0.16%          0.01%               0.17%               0.17%   

Vanguard Extended Market Index Fund
(Admiral Shares)

    0.08%          0.01%               0.09%               0.09%   

Vanguard Total Bond Market Index Fund
(Admiral Shares)

    0.05%          0.01%               0.06%               0.06%   

 

The most recently ended fiscal year for the American Beacon Holland Large Cap Growth Fund is December 31, 2015; most recently ended fiscal year for the Ariel Appreciation Fund is September 30, 2016; most recently ended fiscal year for the Champlain Mid Cap Fund is November 30, 2016 (the expenses reflected in the table are for the fiscal year ended November 30, 2015); most recently ended fiscal year for the Delaware Emerging Markets Fund is November 30, 2016 (the expenses reflected in the table are for the fiscal year ended November 30, 2015); most recently ended fiscal year for the JP Morgan Small Cap Value Fund is June 30, 2016; most recently ended fiscal year for the Lazard International Equity Portfolio is December 31, 2015; most recently ended fiscal year for the Lord Abbett High Yield Fund is November 30, 2016 (the expenses reflected in the table are for the fiscal year ended November 30, 2015); most recently ended fiscal year for the MFS Mid Cap Value Fund is September 30, 2016; most recently ended fiscal year for the Nationwide Geneva Small Cap Growth Fund is October 31, 2016 (the expenses reflected in the table are for fiscal year ended October 31, 2015); most recently ended fiscal year for the Parnassus Fund is December 31, 2015; most recently ended fiscal year for the T. Rowe Price QM U.S. Small-Cap Growth Equity Fund is December 31, 2015; most recently ended fiscal year for the Templeton Global Bond Fund is September 30, 2016; most recently ended fiscal year for the Vanguard 500 Index Fund is December 31, 2015; most recently ended fiscal year for the Vanguard Equity Income Fund is September 30, 2016; most recently ended fiscal year for the Vanguard Extended Market Index Fund is December 31, 2015; most recently ended fiscal year for the Vanguard Total Bond Market Index Fund is December 31, 2015. More information concerning each fund’s fees and expenses is contained in the prospectus for the fund.

4. The Market timing/excessive trading policy section is updated to include Delaware Emerging Markets Fund, Lazard International Equity Portfolio, and Templeton Global Bond Fund in the list of portfolios where the risk of pricing inefficiencies can be particularly acute for portfolios invested primarily in foreign securities.

 

3


5. New share classes of the following Vanguard Funds will be available on January 20, 2017 as underlying investments for investment accounts available under the terms of your contract. You may only invest in those investment accounts available under the terms of your employer’s plan.

 

Fund      Old Share Class      New Share Class

Vanguard Emerging Markets Stock Index Fund

     Admiral Shares      Institutional Shares

Vanguard Explorer Fund

     Investor Shares      Admiral Shares

Vanguard Intermediate-Term Treasury Fund

     Investor Shares      Admiral Shares

Vanguard Small-Cap Value Index Fund

     Investor Shares      Institutional Shares

Vanguard Wellington Fund

     Investor Shares      Admiral Shares

 

A15659 (12/16)


LOGO

 

TIAA Separate Account VA-3

Teachers Insurance and Annuity Association of America

SUPPLEMENT NO. 1

dated December 1, 2016

to the Prospectus Levels 2, 3, 4 dated May 1, 2016

This supplement amends certain disclosure in the prospectus for the TIAA Access individual and group variable annuity contracts. Please keep this supplement with your prospectus for future reference.

New share classes of the following Vanguard Funds will be available on January 20, 2017 as underlying investments for investment accounts available under the terms of your contract. You may only invest in those investment accounts available under the terms of your employer’s plan.

 

Fund      Old Share Class      New Share Class

Vanguard Emerging Markets Stock Index Fund

     Admiral Shares      Institutional Shares

Vanguard Explorer Fund

     Investor Shares      Admiral Shares

Vanguard Intermediate-Term Treasury Fund

     Investor Shares      Admiral Shares

Vanguard Small-Cap Value Index Fund

     Investor Shares      Institutional Shares

Vanguard Wellington Fund

     Investor Shares      Admiral Shares

 

A15660 (12/16)


Part A and Part B of Post-Effective Amendment No. 11 to the Registration Statement (File Nos. 333-134820, 811-21907), which was filed with the Securities and Exchange Commission on April 25, 2016, are incorporated by reference into this Post-Effective Amendment No. 12 to the Registration Statement.


Part C — OTHER INFORMATION

Item 24. Financial Statements and Exhibits

 

(a)    Financial statements
Part A: None
Part B: Includes all required financial statements of TIAA Separate Account VA-3 and Teachers Insurance and Annuity Association of America
(b)    Exhibits:
(1)(a)    Resolutions of the Board of Trustees of Teachers Insurance and Annuity Association of America establishing the Registrant (Incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed September 29, 2006.)
(b)    Amended Resolutions of the Board of Trustees of Teachers Insurance and Annuity Association of America establishing the Registrant (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
(c)    Amended Resolutions of the Board of Trustees of Teachers Insurance and Annuity Association of America establishing the Registrant (Incorporated by reference to Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 22, 2011.)
(2)    None
(3)    Form of Distribution Agreement (Incorporated by reference to Registrant’s Initial Registration Statement on Form N-4, Registration No. 333-134820 Filed June 7, 2006.)
(4)    (A)      RA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Initial Registration Statement on Form N-4, Registration No. 333-134820 Filed June 7, 2006.)
   (A.1)      Amended and Restated RA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (B)      SRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Initial Registration Statement on Form N-4, Registration No. 333-134820 Filed June 7, 2006.)
   (B.1)      Amended and Restated SRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Post- Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (C)      GRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Initial Registration Statement on Form N-4, Registration No. 333-134820 Filed June 7, 2006.)
   (C.1)      Amended and Restated GRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (D)      GSRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Initial Registration Statement on Form N-4, Registration No. 333-134820 Filed June 7, 2006.)
   (D.1)      Amended and Restated GSRA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (E)      GA Annuity Wrap Endorsement (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (E.1)      Group Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)
   (E.2)      Endorsement to Group Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)

 

C-1


   (E.3)      Endorsement to TIAA Group Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)
   (F)      RC Annuity Wrap Endorsement and Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (G)      RCP Annuity Wrap Endorsement and Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (H)      Minimum Distribution Annuity Contract Endorsement – Cashable (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)
   (I)      Minimum Distribution Annuity Contract Endorsement – Non-Cashable (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)
   (J)      Separate Account One-Life Annuity Supplemental Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2010.)
   (K)      Separate Account Two-Life Annuity Supplemental Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2010.)
   (L)      Separate Account Fixed-Period Annuity Supplemental Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2010.)
   (M)      Endorsement to TIAA Deferred Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (N)      Endorsement to TIAA Group Deferred Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (O)      Endorsement to TIAA Retirement Choice Annuity Contract or TIAA Retirement Choice Plus Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (P)      Endorsement to TIAA Group Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (Q)      Endorsement to TIAA Immediate Annuity Contract Applicable to Minimum Distribution Annuity and Installment Refund Contracts (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (R)      Endorsement to TIAA Immediate Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (S)      Endorsement to TIAA Deferred Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (T)      Endorsement to TIAA Deferred Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (U)      Endorsement to TIAA Group Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)

 

C-2


   (V)      Endorsements to TIAA Deferred Annuity Contract – Minimum Distribution Annuity Election (Incorporated by reference to Registrant’s Post-Effective Amendment No. 9 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2014.)
   (W)      Supplement to TIAA Retirement Choice Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (X)      Supplement to TIAA Retirement Choice Annuity Plus Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (Y)      Supplement to TIAA Retirement Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (Z)      Supplement to TIAA Supplemental Retirement Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A1)      Supplement to TIAA Group Retirement Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A2)      Supplement to TIAA Group Supplemental Retirement Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A3)      Endorsement to TIAA Retirement Choice Annuity Contract or TIAA Retirement Choice Plus Annuity Contract (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A4)      Endorsement to TIAA Retirement Choice Annuity Certificate or TIAA Retirement Choice Plus Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A5)      Supplement to TIAA Retirement Choice Annuity Certificate(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A6)      Supplement to TIAA Retirement Choice Plus Annuity Certificate(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A7)      Supplement to TIAA Retirement Annuity Contract(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A8)      Endorsement to TIAA Retirement Choice Annuity Contract or TIAA Retirement Choice Plus Annuity Contract(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A9)      Endorsement to TIAA Retirement Choice Annuity Certificate or TIAA Retirement Choice Plus Annuity Certificate(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A10)      Endorsement to TIAA Retirement Choice Annuity Certificate or TIAA Retirement Choice Plus Annuity Certificate(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A11)      Endorsement to TIAA Retirement Choice Annuity Contract or TIAA Retirement Choice Plus Annuity Contract(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (A12)      Endorsement to TIAA Retirement Choice Annuity Contract or TIAA Retirement Choice Plus Annuity Contract(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)

 

C-3


   (A13)      Endorsement to TIAA Retirement Choice Annuity Certificate or TIAA Retirement Choice Plus Annuity Certificate (Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
(5)         Form of Application (Incorporated by reference to Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed May 1, 2007.)
(6)    (A)      Restated Charter of Teachers Insurance and Annuity Association of America (as amended) (Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (B)      Bylaws of Teachers Insurance and Annuity Association of America (as amended) (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
(7)         None

 

C-4


(8)    (A)      Form of Participation Agreement among Teachers Insurance and Annuity Association of America, TIAA-CREF Institutional Mutual Funds, Teachers Advisors, Inc., and Teachers Personal Investors Services, Inc. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed December 22, 2006.)
   (B)      Form of Participation Agreement among Legg Mason Investor Services, LLC, Western Asset Management Company, and Teachers Insurance and Annuity Association of America (Incorporated by reference to Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed December 22, 2006.)
   (C)      Form of Participation Agreement among T. Rowe Price Investment Services, Inc., T. Rowe Price Associates, Inc., and Teachers Insurance and Annuity Association of America (Incorporated by reference to Registrant’s Post- Effective Amendment No. 1 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed December 22, 2006.)
   (D)      Form of Participation Agreement between Teachers Insurance and Annuity Association of America, TIAA-CREF Individual & Institutional Services, LLC, American Funds Distributors, Inc., American Funds Service Company, and Capital Research and Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed December 22, 2006.)
   (E)      Form of Amendment to Participation Agreements re: Rule 22c-2 (Incorporated by reference to Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed May 1, 2007.)
   (F)      Form of Amendment to Participation Agreements re: Rule 22c-2 (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (G)      Form of Amendment to Participation Agreements (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (H)      Form of Investment Accounting Agreement by and between State Street Bank and Trust Company and Teachers Insurance and Annuity Association of America and TIAA-CREF Life Insurance Company on behalf of the separate account. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (I)      Form of Domestic Custody Agreement by and between JPMorgan Chase Bank, N.A. and Teachers Insurance and Annuity Association of America on behalf of the separate account. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2008.)
   (J)      Amendment to Participation Agreement among Teachers Insurance and Annuity Association of America, TIAA- CREF Institutional Mutual Funds, and Teachers Personal Investors Services, Inc. re: Rule 22c-2. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2009.)
   (K)      Third Amendment to Fund Participation and Service Agreement by and among Teachers Insurance and Annuity Association of America, TIAA-CREF Individual & Institutional Services, LLC, American Funds Distributors, Inc., American Funds Service Company, and Capital Research and Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 5 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2010.)
   (L)      Amendment to Participation Agreement among Teachers Insurance and Annuity Association of America, TIAA-CREF Institutional Mutual Funds, and Teachers Personal Investors Services, Inc. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 22, 2011.)
   (M)      Participation Agreement among Teachers Insurance and Annuity Association of America, DFA Investment Dimensions Group Inc., Dimensional Fund Advisors LP and DFA Securities LLC (Incorporated by reference to Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 22, 2011.)

 

C-5


   (N)      Participation Agreement by and between Teachers Insurance and Annuity Association of America and Dodge & Cox Funds (Incorporated by reference to Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 22, 2011.)
   (O)      Defined Contribution Clearance & Settlement Agreement by and between The Vanguard Group, Inc., Teachers Insurance and Annuity Association of America and JPMorgan Chase Bank, N.A. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 22, 2011.)
   (P)      Amendment to Participation Agreement among Teachers Insurance and Annuity Association of America, TIAA-CREF Institutional Mutual Funds, and Teachers Personal Investors Services, Inc. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (Q)      First Amendment to the Defined Contribution Clearance & Settlement Agreement between The Vanguard Group, Inc. and Teachers Insurance and Annuity Association of America (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (R)      Amendment to Participation Agreement by and among Teachers Insurance and Annuity Association of America, Legg Mason Investor Services, LLC, and Western Asset Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (S)      Amendment to Fund Participation and Service Agreement by and among Teachers Insurance and Annuity Association of America, TIAA-CREF Individual & Institutional Services, LLC, American Funds Distributors, Inc., American Funds Service Company, and Capital Research and Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 23, 2012.)
   (T)      Amendment to Fund Participation and Service Agreement among Teachers Insurance and Annuity Association of America, DFA Investment Dimensions Group Inc., Dimensional Fund Advisors LP and DFA Securities LLC (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)
   (U)      Amendment to Fund Participation and Service Agreement by and between Teachers Insurance and Annuity Association of America and Dodge & Cox Funds (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)
   (V)     

Amendment to Participation Agreement among Teachers Insurance and Annuity Association of America, TIAA-CREF Funds, Teachers Advisors, Inc. and Teachers Personal Investors Services, Inc. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration

No. 333-134820 Filed April 25, 2013.)

   (W)      Third Amendment to Participation Agreement by and among Teachers Insurance and Annuity Association of America, Legg Mason Investor Services, LLC, and Western Asset Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)
   (X)      Fifth Amendment to Fund Participation and Service Agreement by and among Teachers Insurance and Annuity Association of America, TIAA-CREF Individual & Institutional Services, LLC, American Funds Distributors, Inc., American Funds Service Company, and Capital Research and Management Company (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)
   (Y)      Amendment to Fund Participation and Service Agreement among T. Rowe Price Investment Services, Inc., T. Rowe Price Associates, Inc., and Teachers Insurance and Annuity Association of America (Incorporated by reference to Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)
   (Z)      Amendment to the Agreement by and among The Vanguard Group, Inc., Teachers Insurance and Annuity Association of America, and JPMorgan Chase Bank, N.A. (Incorporated by reference to Registrant’s Post- Effective Amendment No. 8 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2013.)

 

C-6


   (A1)    Amendment to Participation Agreement by and among Teachers Insurance and Annuity Association of America, TIAA-CREF Funds, Teachers Advisors, Inc. and Teachers Personal Investors Services, Inc. (Incorporated by reference to Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 24, 2015.)
   (A2)    Form of Participation Agreement among American Beacon Advisors, Inc., Foreside Fund Services, LLC, and Teachers Insurance and Annuity Association of America*
   (A3)    Form of Participation Agreement among Ariel Distributors, LLC and Teachers Insurance and Annuity Association of America*
   (A4)    Form of Participation Agreement among The Advisors’ Inner Circle Fund II, Champlain Investment Partners LLC, SEI Investment Distribution Co., and Teachers Insurance and Annuity Association of America*
   (A5)    Form of Participation Agreement among Delaware Investments Family of Funds, Delaware Management Company, a series of Delaware Management Business Trust, Delaware Distributors, L.P., and Teachers Insurance and Annuity Association of America*
   (A6)    Form of Participation Agreement among JPMorgan Trust II, JPMorgan Distribution Services, Inc., and Teachers Insurance and Annuity Association of America*
   (A7)    Form of Participation Agreement among The Lazard Funds, Inc., Lazard Asset Management LLC, Lazard Asset Management Securities LLC, and Teachers Insurance and Annuity Association of America*
   (A8)    Form of Participation Agreement among Lord Abbett Investment Trust, Lord Abbett & Co. LLC, Lord Abbett Distributor LLC, and Teachers Insurance and Annuity Association of America*
   (A9)    Form of Participation Agreement among MFS Series Trust XI, MFS Fund Distributors, Inc. and Teachers Insurance and Annuity Association of America*
   (A10)    Form of Participation Agreement among Nationwide Mutual Funds, Nationwide Fund Distributors LLC, and Teachers Insurance and Annuity Association of America*
   (A11)    Form of Participation Agreement among Parnassus Fund, Parnassus Investments, Parnassus Funds Distributor, and Teachers Insurance and Annuity Association of America*
   (A12)    Form of Participation Agreement among Franklin Templeton Distributors, Inc. and Teachers Insurance and Annuity Association of America*
   (A13)    Amendment to Fund Participation and Service Agreement among T. Rowe Price Investment Services, Inc., T. Rowe Price Associates, Inc., and Teachers Insurance and Annuity Association of America*
   (A14)    Amendment to the Agreement by and among The Vanguard Group, Inc., Teachers Insurance and Annuity Association of America, and JPMorgan Chase Bank, N.A.*
   (A15)    Form of Administrative Services Agreement among Ariel Investment Trust and Teachers Insurance and Annuity Association of America*
   (A16)    Form of Administrative Services Agreement among Parnassus Investments and Teachers Insurance and Annuity Association of America*
(9)    Opinion and consent of Meredith Kornreich, Esquire(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
(10)    (A)    Consent of Sutherland Asbill & Brennan LLP(Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
   (B)    Consents of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (Incorporated by reference to Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No 333-134820 Filed April 25, 2016.)
(11)    None
(12)    None
(13)    (A) Powers of Attorney (Incorporated by reference to Registrant’s Post-Effective Amendment No. 9 to the Registration Statement Filed April 25, 2014, Post-Effective Amendment No. 10 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 24, 2015, and Post-Effective Amendment No. 11 to the Registration Statement on Form N-4, Registration No. 333-134820 Filed April 25, 2016.)

 

* Filed herewith

 

C-7


Item 25. Directors and Officers of the Depositor

 

Name and Principal Business Address*

  

Positions and Offices

with Insurance Company

Ronald L. Thompson

   Trustee and Chairman

Jeffrey R. Brown

   Trustee

James R. Chambers

   Trustee

Lisa W. Hess

   Trustee

Edward M. Hundert, M.D.

   Trustee

Lawrence H. Linden

   Trustee

Maureen O’ Hara

   Trustee

Donald K. Peterson

   Trustee

Sidney A. Ribeau

   Trustee

Dorothy K. Robinson

   Trustee

Kim M. Sharan

   Trustee

David L. Shedlarz

   Trustee

Marta Tienda

   Trustee

Roger W. Ferguson, Jr.

   President and Chief Executive Officer and Trustee

Kathie Andrade

   Executive Vice President

Scott Blandford

   Executive Vice President

Richard S. Biegen

   Chief Compliance Officer of the Separate Account

Douglas Chittenden

   Executive Vice President

Sue A. Collins

   Senior Vice President and Chief Actuary

Carol Deckbar

   Executive Vice President

Phillip Goff

   Senior Vice President, Corporate Controller

Stephen B. Gruppo

   Executive Vice President

Alice Hocking

   Executive Vice President

Robert G. Leary

   Executive Vice President

Rahul Merchant

   Executive Vice President

J. Keith Morgan

   Executive Vice President and Chief Legal Officer

Ronald R. Pressman

   Executive Vice President

Glenn Richter

   Executive Vice President

Phillip Rollock

   Senior Managing Director, Corporate Secretary

Otha Spriggs

   Executive Vice President

Paul J. Van Heest

   Executive Vice President

Constance K. Weaver

   Executive Vice President

Virginia M. Wilson

   Executive Vice President

 

* The principal business address for each individual is:
    TIAA
    730 Third Avenue
    New York, New York 10017-3206

 

C-8


Item 26. Persons Controlled by or under Common Control with the Depositor or Registrant

The following chart indicates subsidiaries of Teachers Insurance and Annuity Association of America. These subsidiaries are included in the consolidated financial statements of Teachers Insurance and Annuity Association of America.

All Teachers Insurance and Annuity Association of America subsidiary companies are Delaware corporations, except as indicated.

EXHIBIT C

 

LOGO

 

C-9


Exhibit A

 

(1) TIAA Board of Overseers is a New York not-for-profit corporation established to further education and other non-profit purposes by holding the stock of TIAA. TIAA’s capital stock, constituting all of its authorized shares of stock, was originally issued to the Carnegie Corporation of New York. The shares were transferred to Trustees of T.I.A.A. Stock, renamed TIAA Board of Overseers, after the enactment of the Laws of 1937, Chapter 880, New York State Law, approved by the Governor on June 3, 1937.

 

(2) Teachers Insurance and Annuity Association of America (“TIAA”) is a New York domiciled life insurance company that issues guaranteed and variable annuities and life insurance for nonprofit and government institutions and their employees. TIAA employs all TIAA entities’ staff except for those employed by Adastra Management, Inc., AGR Partners LLC, Churchill Asset Management, LLC, Envisage Information Systems, LLC, GreenWood Resources, Inc. and its subsidiaries, Kaspick & Company, LLC, ND Europe S.a.r.l., Nuveen Investments, Inc. and its subsidiaries, Polar Star Canadian Oil and Gas, Inc., REA Europe S.a.r.l., TCAM Global Australia Pty Ltd, TCAM Global UK Limited, TIAA-CREF Alternatives Services, LLC, TIAA-CREF Trust Company, FSB, TIAA Henderson Real Estate Limited and its subsidiaries, and Westchester Group Investment Management, Inc. and its subsidiaries. The TIAA Board of Overseers elects TIAA’s trustees.

 

    TIAA Separate Account VA-1 (“VA-1”) is a separate account registered with the U.S. Securities and Exchange Commission (“SEC”) as an open-end management investment company that offers individual, variable, after-tax annuities. VA-1 has only one investment portfolio, the Stock Index Account.

 

    TIAA Real Estate Account VA-2 (“VA-2”) is a separate account of TIAA that allows TIAA to offer a variable investment option based on real estate investments for TIAA’s pension annuities.

 

    TIAA Separate Account VA-3 (“VA-3”) is registered with the SEC as an investment company under the Investment Company Act of 1940 and operates as a unit investment trust. VA-3 is designed to fund individual and group variable contracts in retirement plans.

 

    TIAA Stable Value Separate Account – 1 (SVSA-1) created to support the obligations of TIAA under a group annuity contract offered to TIAA’s pension customers.

 

(3) College Retirement Equities Fund is a New York not-for-profit corporation and an SEC registered investment company that issues variable annuity contracts for employees of nonprofit and government institutions. Art. II, Sec. 1 of CREF’s Constitution limits eligibility of the members of CREF to those persons who are members of TIAA Board of Overseers. The trustees of CREF are elected by CREF policyholders.

 

(4) TIAA-CREF Redwood, LLC was established for the purpose of owning the membership interests in Kaspick & Company, LLC and Covariance Capital Management, Inc.

 

(5) Kaspick & Company, LLC a registered investment adviser providing investment advice and gift administration services to charitable organizations and other non-profit institutions through investment management and gift administration agreements with charitable organizations, which act as trustees for donors (and their beneficiaries) participating in their planned giving programs.

 

(6) TCT Holdings, Inc. is organized for the purpose of holding the stock of TIAA-CREF Trust Company, FSB, a federal savings bank.

 

1


Exhibit A

 

(7) TIAA-CREF Trust Company, FSB (“TIAA-FSB”) is a federally chartered savings bank that provides individual and institutional asset management and investment advice and retail banking and lending products for its customers. TIAA-FSB provides custodial trustee and administrative services to TIAA for TIAA’s customers. TIAA-FSB provides investment advisory services to TIAA-CREF Individual & Institutional Services, LLC. (“TC Services”) as well as a deposit sweep program to TC Services’ clients. TIAA-FSB also serves as trustee or custodian for certain TIAA investment funds.

 

(8) TIAA-CREF Asset Management LLC, formerly, TIAA-CREF Asset Management, Inc. and TIAA-CREF Enterprises, Inc. is organized for the purpose of holding (i) the stock of Teachers Personal Investors Services, Inc. and (ii) the membership interests of GTR Special Member Holdco LLC, L&C Special Member Holdco, LLC, TIAA Alternative Holdings, LLC, TIAA Global Ag II Special Member LLC, TIAA-CREF Global Agriculture Investor Fund, LP and TIAA-CREF Investment Management, LLC.

 

(9) U.S. Cities Fund GP LLC was established to act as the general partner of U.S. Cities Fund LP, which was organized as an open-end private investment fund which owns an interest in U.S. Cities Fund REIT LLC (“REIT”). The REIT owns membership interests in U.S. Cities Fund Operating GP LLC (“GP”), T-C Coronado LLC and U.S. Cities Fund Operating LP. GP was organized to act as the general partner of U.S. Cities Fund Operating LP, which is an unregistered fund organized as a vehicle for direct real estate investment.

 

(10) Teachers Advisors, LLC (“TAI”) is a registered investment advisor organized for the purpose of providing investment advice and management services to the TIAA Separate Account VA-1, the TIAA-CREF Funds, the TIAA-CREF Life Funds, and other products. It provides investment adviser services for set contractual fees, with the intent of making a profit. TAI provides investment advice and other investment-related services to TIAA-CREF Trust Company, FSB. TAI acts as Manager of TIAA CLO I, Ltd., organized in the Cayman Islands, which acts as a private investment vehicle that will offer debt securities to third party investors.

 

(11) Teachers Personal Investors Services, Inc. is a registered broker-dealer which distributes registered and unregistered investment products for its affiliated entities.

 

(12) TIAA-CREF Tuition Financing, Inc. (“TFI”) provides program management services on behalf of state entities to qualified tuition programs (“529 Plans”) formed pursuant to Section 529 of the Internal Revenue Code (“IRC”). Under Section 529 of the IRC, only states and educational institutions may establish and maintain 529 Plans. TFI, with permission from the states, subcontracts with other entities to perform certain of its program management services.

 

(13) TIAA-CREF Investment Management, LLC is a registered investment advisor, and provides investment management services for College Retirement Equities Fund.

 

(14) TIAA-CREF Individual & Institutional Services, LLC (“Services”) is a registered broker-dealer and investment advisor, and provides distribution and related services for College Retirement Equities Fund, TIAA Real Estate Account and TIAA Separate Account VA-3, distribution services for the TIAA and Nuveen Families of Funds, the TIAA-CREF Life Funds, TIAA-CREF Life Insurance Company’s fixed and variable annuity and variable life products, and third party funds within retirement and savings plans and administrative services to tuition savings products. Services also introduces self-directed brokerage accounts cleared through Pershing, LLC. Services also provides certain broker-dealer, referral and support services to TIAA-FSB.

 

2


Exhibit A

 

(15) TIAA-CREF Life Insurance Company is a New York domiciled life insurance company that issues guaranteed and variable annuities, funding agreements, and life insurance, including variable life insurance, to the general public. TIAA-CREF Life Insurance Company is the sole member of TIAA-CREF Insurance Agency, LLC.

 

    TIAA-CREF Life Separate Account VA-1 is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 and qualifies as a separate account within the meaning of the federal securities laws. TC Life VA-1 offers variable investment options for its after-tax annuities. The Separate Account is divided into Investment Accounts, each of which invests in shares of one portfolio of affiliated and third-party mutual funds;

 

    TIAA-CREF Life Separate Account VLI-1 is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 and qualifies as a separate account within the meaning of the federal securities laws. TC Life VLI-1 is used to provide values and benefits for life insurance policies. The Separate Account is divided into Investment Accounts, each of which invests in shares of one portfolio of affiliated and third-party mutual funds.

 

    TIAA-CREF Life Separate Account VLI-2 is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 and qualifies as a separate account within the meaning of the federal securities laws. TC Life VLI-2 is used to provide values and benefits for life insurance policies. The Separate Account is divided into Investment Accounts, each of which invests in shares of one portfolio of affiliated and third-party mutual funds.

 

    TIAA-CREF Life Separate Account (MVA-1) is a non-unitized separate account that will support a flexible premium deferred fixed annuity contract subject to withdrawal charges and a market value adjustment feature (“MVA Contract”). Since the MVA Contract is viewed as a security under the Securities Act of 1933, TC Life has filed a Registration Statement Form S-1 for TC Life MVA-1 with the SEC.

 

    TIAA-CREF Life Stable Value Separate Account 1, TIAA-CREF Life Stable Value Separate Account 2, and TIAA-CREF Life Stable value Separate Account 3 are each an insulated, non-unitized separate account. The Separate Account will support one or more book value separate account agreements, group annuity contracts, guaranteed investment contracts or similar contracts (each a “Contract”). The Contract is intended to be issued in connection with pooled investment funds, stable value funds, retirement and other employee welfare, pension or college savings plans with a stable value investment option, and Qualified Trusts.

 

(16) TIAA-CREF Insurance Agency, LLC is a licensed life insurance agent offering insurance services and products.

 

3


Exhibit A

 

(17) Investment Subsidiaries:

 

    The following corporations, trusts, and limited liability companies (“LLCs”) were organized by TIAA to hold real estate, mortgage, and securities investments for the General Account. Some may no longer hold any assets. All issued and outstanding stock of the corporations, trusts, and membership interests in the LLCs are owned, directly or indirectly, by TIAA.

 

Entity Name

  

Domestic Jurisdiction

1000 Waterford Operating LP

   DE

485 Properties, LLC

   DE

5200 Waterford Operating LP

   DE

5201-5301 Waterford Operating LP

   DE

701-703 Waterford Operating LP

   DE

730 Carroll, LLC

   DE

730 Catsolar, LLC

   DE

730 Cricket, LLC

   DE

730 Orion, LLC

   DE

730 Power Development, LLC

   DE

730 Telecom LLC

   DE

730 Texas Timberlands II, Ltd.

   TX

730 Texas Timberlands, Ltd.

   TX

8 Spruce Street GA Investor LLC

   DE

 

4


Exhibit A

 

Actgas, LLC

   DE

Active Extension Fund I, LLC

   DE

Active Extension Fund III, LLC

   DE

Actoil Bakken, LLC

   DE

Actoil Colorado, LLC

   DE

Actoil Utica, LLC

   DE

Actoil, LLC

   DE

AGR Agricultural Investments LLC

   DE

Almond Processors, LLC

   DE

Alta Loma Vineyard LLC

   CA

Arroyo Loma, LLC

   DE

Boca 10 A & B LLC

   DE

Boca 10 C & D LLC

   DE

Boca 11 A LLC

   DE

Boca 54 Land Associates LLC

   DE

Boca 54 North LLC

   DE

Bridge View Land, LLC

   CA

 

5


Exhibit A

 

Broadleaf Timberland Investments, LLC

   DE

CCM Series 2, LLC

   DE

CCM Series, LLC

   DE

Ceres Agricultural Properties, LLC

   DE

Chalk Ridge Vineyard, LLC

   CA

Churchill MMSLF Funding 1, LLC

   DE

Churchill MMSLF Funding 2, LLC

   DE

Clarendon Virginia IV, LLC

   DE

CPPIB-TIAA U.S. Real Property Fund, L.P.

   DE

C-T REIT LLC

   DE

C-T Shenandoah LLC

   DE

Demeter Agricultural Properties II, LLC

   DE

Demeter Agricultural Properties, LLC

   DE

Dionysus Properties, LLC

   DE

Global AG II FFI LLC

   DE

Global AG II US Corp.

   DE

Global AG Properties II USA LLC

   DE

 

6


Exhibit A

 

Global AG Properties USA LLC

   DE

Global AG US Corp.

   DE

Global Agriculture AIV (US) LLC

   DE

Global Agriculture II AIV (US) LLC

   DE

Global Agriculture II AIV, LP

   DE

Global Timber International, LLC

   DE

Global Timber SA LLC

   DE

Growth Capital Fund I, L.P.

   DE

GTR Special Member Holdco LLC

   DE

Hassett Lane Vineyard, LLC

   CA

Hobson Avenue Vineyard, LLC

   CA

I 595 Toll Road, LLC

   DE

IAI USA Fund II, LLC

   DE

IAI USA, LLC

   DE

Inception Partners III, LP

   DE

Inception Partners IV, LP

   DE

Inception Partners V, LP

   DE

 

7


Exhibit A

 

Infra Alpha LLC

   DE

International Agricultural Investors Fund II, LLC

   DE

International Agricultural Investors, LLC

   DE

JWL Properties, Inc.

   DE

L&C Special Member Holdco, LLC

   DE

L&C Tree Farms, LLC

   DE

L&C TRS LLC

   DE

Loma del Rio Vineyards LLC

   DE

Loma Verde, LLC

   DE

Marsino Vineyard, LLC

   CA

ND 70SMA LLC

   DE

ND Festival Place LLC

   DE

ND Properties, Inc.

   DE

Oak Knoll Napa Vineyards, LLC

   CA

Occator Agricultural Properties, LLC

   DE

Pennmuni-TIAA U.S. Real Estate Fund, LLC

   DE

Premiere Agricultural Properties, LLC

   DE

 

8


Exhibit A

 

Premiere Columbia Properties, LLC

   DE

Premiere Farm Properties, LLC

   DE

Quercus Forestland Account, LLC

   NC

Quercus Panama LLC

   DE

Quercus West Virginia LLC

   DE

Renewable Timber Resources LLC

   DE

Rodgers Creek Vineyard LLC

   CA

Silverado Gonzales Vineyards, LLC

   CA

Silverado Los Alamos Vineyards, LLC

   CA

Silverado Monterey Vineyards, LLC

   CA

Silverado Premium Properties, LLC

   DE

Silverado SLO Vineyards, LLC

   CA

Silverado Sonoma Vineyards, LLC

   CA

Silverado Suscol, LLC

   CA

Silverado Sweetwater Vineyards, LLC

   CA

Silverado Winegrowers Holdings, LLC

   DE

Silverado WineGrowers, LLC

   CA

 

9


Exhibit A

 

Social Infra, LLC

   DE

SPP Napa Vineyards, LLC

   DE

Stage Gulch Ridge Vineyard, LLC

   CA

Stanly Ranch Vineyards, LLC

   CA

Sugarloaf East Vineyard, LLC

   DE

Sugarloaf Vineyard, LLC

   DE

Suscol Mountain Vineyards, LLC

   CA

SWG Delta Vineyards, LLC

   CA

SWG Paso Vineyards, LLC

   CA

T-C 101 Miller Street Holding Company LLC

   DE

T-C 101 Miller Street LLC

   DE

T-C 1101 Pennsylvania Avenue LLC

   DE

T-C 1101 Pennsylvania Avenue Owner LLC

   DE

T-C 1101 Pennsylvania Avenue Venture LLC

   DE

T-C 1608 Chestnut General Partner LLC

   DE

T-C 1608 Chestnut Limited Partner LLC

   DE

T-C 2 Herald Square Member LLC

   DE

 

10


Exhibit A

 

T-C 2 Herald Square Owner LLC

   DE

T-C 2 Herald Square Venture LLC

   DE

T-C 20 Hunter Street (US) LLC

   DE

T-C 2300 Broadway LLC

   DE

T-C 33 Arch Street LLC

   DE

T-C 33 Arch Street Member LLC

   DE

T-C 33 Arch Street Venture LLC

   DE

T-C 3333 Wisconsin Avenue, LLC

   DE

T-C 40 Broad Street LLC

   DE

T-C 400 Montgomery, LLC

   DE

T-C 470 Park Avenue South Member LLC

   DE

T-C 470 Park Avenue South Owner LLC

   DE

T-C 470 Park Avenue South Venture LLC

   DE

T-C 475 Fifth Avenue LLC

   DE

T-C 475 Fifth Avenue Member LLC

   DE

T-C 475 Fifth Avenue Venture LLC

   DE

T-C 51 Sleeper Street LLC

   DE

 

11


Exhibit A

 

T-C 526 Route 46 LLC

   DE

T-C 636 Sixth Avenue Retail LLC

   DE

T-C 680 Belleville LLC

   DE

T-C 685 Third Avenue Member LLC

   DE

T-C 699 Bourke Street LLC

   DE

T-C 77 Central LLC

   DE

T-C 800 17th Street NW Member LLC

   DE

T-C 800 17th Street NW Owner LLC

   DE

T-C 800 17th Street NW Venture LLC

   DE

T-C 888 Brannan Member LLC

   DE

T-C 888 Brannan Owner LLC

   DE

T-C 888 Brannan TRS LLC

   DE

T-C 888 Brannan Venture LLC

   DE

T-C 919 N. Michigan Avenue Retail LLC

   DE

T-C Aspira LLC

   DE

T-C Australia RE Holdings I, LLC

   DE

T-C Australia RE Holdings II, LLC

   DE

 

12


Exhibit A

 

T-C Barton Springs LLC

   DE

T-C Century Plaza LLC

   DE

T-C Copley, LLC

   DE

T-C Coronado LLC

   DE

T-C Cypress Park West LLC

   DE

T-C Des Peres Corners LLC

   DE

T-C Ellington, LLC

   DE

T-C Fairway Center II LLC

   DE

T-C Falls Center Townhouses LLC

   DE

T-C Fort Point Creative Exchange LLC

   DE

T-C Franklin Square Member LLC

   DE

T-C Franklin Square Venture LLC

   DE

T-C GA Real Estate Holdings LLC

   DE

T-C Hall of States Member LLC

   DE

T-C Hall Of States Owner LLC

   DE

T-C Hall Of States Venture LLC

   DE

T-C H-T REIT LLC

   DE

 

13


Exhibit A

 

T-C H-T Venture LLC

   DE

T-C HV Member LLC

   DE

T-C Illinois Street, LLC

   DE

T-C JK I LLC

   DE

T-C JK II LLC

   DE

T-C King Street Station LLC

   DE

T-C Kings Crossing LLC

   DE

T-C Legacy Place Member LLC

   DE

T-C Lux Fund Holdings LLC

   DE

T-C Mt. Ommaney Centre Holding Company LLC

   DE

T-C Mt. Ommaney Centre LLC

   DE

T-C Newbury Common LLC

   DE

T-C Ocean Air LLC

   DE

T-C Park 19 LLC

   DE

T-C Pearl Reit 2 LLC

   DE

T-C Port Northwest Development LLC

   DE

T-C Potomac Promenade LLC

   DE

 

14


Exhibit A

 

T-C RDC, LLC

   DE

T-C Republic Square Member LLC

   DE

T-C Republic Square Mezzanine LLC

   DE

T-C Republic Square Owner LLC

   DE

T-C Republic Square Reit LLC

   DE

T-C Republic Square Venture LLC

   DE

T-C Roosevelt Square LLC

   DE

T-C Savier Street Flats LLC

   DE

T-C SBMC Joint Venture LLC

   DE

T-C Scripps Ranch LLC

   DE

T-C Shoppes At Monarch Lakes LLC

   DE

T-C SMA 2, LLC

   DE

T-C State House On Congress Apartments LLC

   DE

T-C Stonecrest LLC

   DE

T-C The Edge At Flagler Village LLC

   DE

T-C Trio Apartments LLC

   DE

T-C UK RE Holdings I, LLC

   DE

 

15


Exhibit A

 

T-C UK RE Holdings II, LLC

   DE

T-C UK RE Holdings III, LLC

   DE

T-C Uptown Apartments, LLC

   DE

T-C Waterford Blue Lagoon LLC

   DE

TCAM Core Property Fund REIT 2 LLC

   DE

TCPC Associates, LLC

   DE

Teachers Mayflower, LLC

   DE

Terra Ventosa Vineyards, LLC

   CA

TGA Japan Holdings, LLC

   DE

The Flats 130 DC Residential LLC

   DE

The Flats 140 DC Residential LLC

   DE

The Flats DC Grocery LLC

   DE

The Flats Holding Company LLC

   DE

The Plata Wine Partners Trust

   CA

THRE Global Investments LLC

   DE

TIAA 485 Boca 54 LLC

   DE

TIAA 485 Clarendon, LLC

   DE

 

16


Exhibit A

 

TIAA CMBS I, LLC

   DE

TIAA Diamond Investor, LLC

   DE

TIAA Diversified Public Investments, LLC

   DE

TIAA Franklin Square, LLC

   DE

TIAA Gemini Office, LLC

   DE

TIAA Global AG II Special Member LLC

   DE

TIAA Global AG Special Member LLC

   DE

TIAA Global Equity Income, LLC

   DE

TIAA Global Public Investments, LLC

   DE

TIAA Infrastructure Investments, LLC

   DE

TIAA Oil And Gas Investments, LLC

   DE

TIAA Park Evanston, LLC

   DE

TIAA Realty, LLC

   DE

TIAA SF One, LLC

   DE

TIAA SMA Strategies LLC

   DE

TIAA Stafford-Harrison LLC

   DE

TIAA Super Regional Mall Member Sub LLC

   DE

 

17


Exhibit A

 

TIAA SynGas, LLC

   DE

TIAA Timberlands I, LLC

   DE

TIAA Timberlands II, LLC

   DE

TIAA Union Place Phase I, LLC

   DE

TIAA Wind Investments LLC

   DE

TIAA-CPPIB Commercial Mortgage Company REIT LLC

   DE

TIAA-CPPIB Commercial Mortgage Company, L.P.

   DE

TIAA-Stonepeak Investments I, LLC

   DE

TIAA-Stonepeak Investments II, LLC

   DE

T-Investment Properties Corp.

   DE

True Oak Napa Vineyard, LLC

   DE

U.S. Cities Fund Operating LP

   DE

U.S. Cities Fund REIT LLC

   DE

U.S. Cities Retail Fund Operating LP

   DE

U.S. Cities Retail Fund REIT LLC

   DE

Union Place Phase I, LLC

   DE

W R C Properties, LLC

   DE

 

18


Exhibit A

 

Waterford Blue Lagoon Reit LP

   DE

Waterford Core Operating LP

   DE

Westland At Waterford Operating LP

   DE

Westland At Waterford Reit LP

   DE

 

    The following INTERNATIONAL entities were organized by TIAA to hold investments for the General Account and Separate Accounts. All issued and outstanding stock is owned indirectly by TIAA.

 

Entity Name

  

Domestic Jurisdiction

154 rue de l’Université

   France

36 rue La Fayette

   France

70 St Mary Axe Unit Trust

   Jersey

A-30 Canadian Transport Inc.

   QC, Canada

Abford House Unit Trust

   Jersey

Adeoti Empreendimentos Imobiliários Ltda

   Brazil

BCIMC (TCGA II) Investment Trust

   Canada

Brusno Maszyny Sp. z.o.o.

   Poland

Brusno Resort Spolka Z Organiczona Odpowiedzialnoscia w Organizacji

   Poland

 

19


Exhibit A

 

Bruyeres I SAS

   France

Bruyeres II SAS

   France

CD (TCGA II) Investment Trust

   BC, Canada

Cityhold Nymphe S.à r.l

   Luxembourg

Cityhold Participations S.à r.l

   Luxembourg

Cityhold Peak Participations S.à r.l

   Luxembourg

Cityhold Peak S.à r.l

   Luxembourg

Cityhold Propco 10 S.à r.l

   Luxembourg

Cityhold Propco 11 S.à r.l

   Luxembourg

Cityhold Propco 12 S.à r.l

   Luxembourg

Cityhold Propco 6 S.à r.l

   Luxembourg

Cityhold Propco 7 S.à r.l

   Luxembourg

Cityhold Propco 9 S.à r.l

   Luxembourg

Cityhold UK Investment S.à r.l

   Luxembourg

CLOF Victoria Nominee 1 Limited

   United Kingdom

 

20


Exhibit A

 

CLOF Victoria Nominee 2 Limited

   United Kingdom

Courcelles 70

   France

Cranston Investments SP. z.o.o.

   Poland

Easley Investments SP. z.o.o.

   Poland

Eko Topola Sp. z o.o.

   Poland

Erlangen Arcaden GmbH & Co. KG

   Germany

Erlangen Arcaden Verwaltungs GmbH

   Germany

EURL Olympe

   France

EURL Servin

   France

Forestal GTR Chile Limitada

   Chile

Forestal Monterrey Colombia SAS

   Colombia

Forestal y Agricola Silvoligna Chile Limitada

   Chile

Global Timber Spain, S.L.

   Spain

Gropius KG

   Germany

Gropius Passagen Verwaltungs GmbH

   Germany

 

21


Exhibit A

 

Gropius S.a.r.l.

   Luxembourg

HV Freehold S.à r.l

   Luxembourg

HV Properties S.à r.l

   Luxembourg

IAI Australia Fund II Trust

   Australia

IAI Australia Trust

   Australia

IPOPEMA 87 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych

   Poland

Ipopema 95 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (“FIZAN”)

   Poland

KS Freehold S.à r.l

   Luxembourg

KS Leasehold S.à r.l

   Luxembourg

London Belgrave Unit Trust

   Jersey

Mandala Food Co-Investment Holdings II SPV

   Mauritius

Mansilla Participacoes Ltda

   Brazil

Monterrey Forestal GWR SAS

   Colombia

ND Europe S.a.r.l.

   Luxembourg

Neptune Annopol SP Zo.o.

   Poland

 

22


Exhibit A

 

Neptune Holding Spain, S.L.

   Spain

Neptune Krakow SP Z .O.O.

   Poland

Neptune OPCI

   France

Neptune Polish Property Venture BV

   Netherlands

Neptune Property Venture S.à r.l.

   Luxembourg

Neptune Roppenheim 1 S.à r.l.

   Luxembourg

Neptune Roppenheim 2 S.à r.l.

   Luxembourg

Neptune Roppenheim Holding S.à r.l

   Luxembourg

New Fetter Lane Unit Trust

   Jersey

Nightingale LuxCo S.à r.l.

   Luxembourg

Norteshopping Centro Comercial S.A. Portuguese SA

   Portugal

Norteshopping Retail & Leisure B.V.

   Netherlands

Olympe (Holding)

   France

Paddington Central III Unit Trust

   Jersey

Promcat Alternativa, S.L.

   Spain

 

23


Exhibit A

 

Quercus Algoma Corporation

   Canada

Quercus Algoma Land Corporation

   Canada

Roosevelt Participation S.à r.l

   Luxembourg

Roppenheim Holding SAS

   France

Roppenheim Outlet SNC

   France

Rue de L’Universite 154

   France

SARL Des Brateaux

   France

SARL Servin (Holding)

   France

SAS Malachite

   France

SAS Roosevelt

   France

SNC Garnet-TIAA

   France

SNC La Défense

   France

SNC Lazuli

   France

SNC Péridot

   France

SNC Roosevelt

   France

 

24


Exhibit A

 

Sweden Nova Lund 1 AB

   Sweden

Sweden Nova Lund 2 AB

   Sweden

T-C 20 Hunter Street (AUS) Trust

   Australia

T-C Europe S.à.r.l.

   Luxembourg

T-C Luxembourg Neptune Holding S.à r.l.

   Luxembourg

T-C Neptune Holdings S.à r.l.

   Luxembourg

T-C Neuperlach Development S.a.r.l.

   Luxembourg

T-C Nordics Investment AB

   Sweden

T-C PEP Asset S.a.r.l.

   Luxembourg

T-C PEP Holding S.à r.l

   Luxembourg

T-C PEP Property S.a.r.l.

   Luxembourg

Thurrock Retail Park Unit Trust

   Jersey

TIAA Australia Real Estate Trust

   Australia

TIAA Lux 11 S.a.r.l.

   Luxembourg

TIAA Lux 5 S.a.r.l.

   Luxembourg

 

25


Exhibit A

 

TIAA Lux 8 S.a.r.l.

   Luxembourg

TIAA Melbourne Retail Asset 1 Trust

   Australia

TIAA Melbourne Retail Holding 1 Trust

   Australia

UK PPP Investments LP

   United Kingdom

Villabe SAS

   France

Wigg (Holdings) Limited

   United Kingdom

Wigg Investments Limited

   United Kingdom

 

(18) Separate Real Estate Account Subsidiaries:

 

    The following subsidiaries own real estate or hold partnership interests in joint ventures that own commercial real estate for the benefit of the Separate Real Estate Account (VA-2).

 

Entity Name

   Domestic
Jurisdiction

Blue Ridge PP Condominium Association, Inc.

   CO

BRKLYN NY 250 N 10th Street Owner LLC

   DE

Green River PP Condominium Association, Inc.

   CO

Light Street Partners, LLP

   MD

MDR L&M Apartments, LLC

   DE

Mima Investor Member LLC

   DE

One Boston Place LLC

   DE

One Boston Place Real Estate Investment Trust

   MD

Pepper Building Associates LP

   PA

Provence 110

   France

Red Canyon PP Condominium Association, Inc.

   CO

Seneca Industrial Holdings, LLC

   DE

T-C 1500 Owens, LLC

   DE

 

26


Exhibit A

 

T-C 1619 Walnut Street GP LLC

   DE

T-C 200 Milik Street LLC

   DE

T-C 200 W 72nd Street LLC

   DE

T-C 225 Binney, LLC

   DE

T-C 401 West 14th Street Member LLC

   DE

T-C 425 Park Avenue LLC

   DE

T-C 430 West 15th Street LLC

   DE

T-C 4th & Madison LLC

   DE

T-C 501 Boylston Street LLC

   DE

T-C 55 Second Street, LLC

   DE

T-C 701 Brickell LLC

   DE

T-C 780 Third Avenue Member LLC

   DE

T-C 780 Third Avenue Owner LLC

   DE

T-C Ashford Meadows LLC

   DE

T-C Ashton Judiciary LLC

   DE

T-C Charleston Plaza, LLC

   DE

T-C Five Oaks LLC

   DE

T-C Forum At Carlsbad LLC

   DE

T-C Foundry Square II Member LLC

   DE

T-C Foundry Square II Owner LLC

   DE

T-C Foundry Square II Venture LLC

   DE

T-C Four Oaks General Partner LLC

   DE

T-C Four Oaks Place LLC

   DE

T-C Legacy At Westwood LLC

   DE

T-C Legend At Kierland LLC

   DE

T-C Mass Court, LLC

   DE

T-C Montecito LLC

   DE

T-C Palatine LLC

   DE

T-C Palomino Blue Ridge LLC

   DE

T-C Palomino Green River LLC

   DE

T-C Palomino Red Canyon LLC

   DE

T-C Pepper Building GP LLC

   DE

T-C Phoenician LLC

   DE

T-C REA 400 Fairview Investor LLC

   DE

T-C Regents Court LLC

   DE

T-C San Montego TX LLC

   DE

 

27


Exhibit A

 

T-C Southside At Mcewen Retail LLC

   DE

T-C SP, Inc.

   DE

T-C The Caruth LLC

   DE

T-C The Colorado LLC

   DE

T-C The Manor at Flagler Village LLC

   DE

T-C The Manor LLC

   DE

T-C Tradition At Kierland LLC

   DE

T-C Valencia Town Center General Partner LLC

   DE

T-C Valencia Town Center Limited Partner LLC

   DE

T-C Wisconsin Place Member LLC

   DE

T-C Wisconsin Place Owner LLC

   DE

TC Rancho Cucamonga LLC

   DE

Teachers REA II, LLC

   DE

Teachers REA, LLC

   DE

The Louis DC Residential LLC

   DE

The Woodley DC Residential LLC

   DE

TIAA Florida Mall, LLC

   DE

TIAA Miami International Mall, LLC

   DE

TIAA Separate Account VA-1 (VA-1)

   DE

TIAA West Town Mall, LLC

   DE

TIAA-CREF Global Separate Real Estate Company LLC

   DE

TREA 1401 H, LLC

   DE

TREA 32 South State Street LLC

   DE

TREA 9625 Town Center, LLC

   DE

TREA Campus Pointe 1, LLC

   DE

TREA Campus Pointe 2, LLC

   DE

TREA Fashion Show Investor Member LLC

   DE

TREA Florida Retail, LLC

   DE

Trea Greene Crossing LLC

   DE

TREA Hub Investor Member LLC

   DE

TREA Pacific Center LLC

   DE

TREA Pacific Plaza, LLC

   DE

TREA Retail Property Portfolio 2006 LLC

   DE

TREA Weston, LLC

   DE

TREA Wilshire Rodeo, LLC

   DE

Walnut Street Retail Investors, L.P.

   PA

 

28


Exhibit A

 

(19) TIAA-CREF International Holdings LLC was organized to hold the ownership interests in the following entities : (i) TGAM APAC LLC organized to hold ownership interests in TGAM HK HC LLC; (ii) TGAM Asia LLC organized to hold ownership interests in TGAM HK HC LLC; (iii) TGAM Subsidiary HC LLC and TIAA International Subsidiary HC LLC both organized to hold ownership interests in TGAM APAC LLC, TGAM Asia LLC, TIAA International APAC LLC and TIAA International Asia LLC; (iv) TIAA International APAC LLC organized to hold ownership interests in TGAM HK HC LLC; (v) TIAA International Asia LLC organized to hold ownership interests in TGAM HK HC LLC ; (vi) TIAA International Holdings I Limited, organized in United Kingdom to hold ownership interests in TIAA Henderson Real Estate Limited, (vii) TIAA International Holdings 2 Limited, organized in the United Kingdom to hold the ownership interests in TIAA International Holdings 3 Limited (viii) TIAA Global Asset Management London Limited organized in United Kingdom to distribute financial products to institutional client and (ix) TIAA Global Asset Management Australia Pty Ltd. organized in Australia to provide distribution and marketing services.

 

(20) TIAA Henderson Real Estate Limited (“THRE Limited”) was organized in the United Kingdom, to hold directly or indirectly, the ownership interests in the following entities:

 

Entity Name

  

Domestic Jurisdiction

  

Business Purpose

TH RE Administration Limited

   United Kingdom    To provide administrative services and hold the employees of THRE Limited and to serve as the leasing party under TH RE leases.

TH RE Administration US LLC

   DE    This entity is dormant.

TH RE AIFM Group Limited

   United Kingdom    To act as a holding company for entities regulated under the UK’s Alternative Investment Fund Managers Directive.

TH RE FCACO Limited

   United Kingdom    To act as a holding company for entities regulated by the UK’s Financial Conduct Authority and the Markets in Financial Instruments Directive.

TH RE Group Holdings Limited

   United Kingdom    To act as a holding company for non-regulated European entities.

TH RE US Holdings LLC

   DE    To act as a holding company for US entities.

TH RE US Limited

   United Kingdom    To conduct business in the US.

TH Real Estate US LLC

   DE    This entity is dormant.

 

  a. TH RE AIFM Group Limited acts as a direct or indirect holding company for various entities regulated in the United Kingdom under the Alternative Investment Fund Managers Directive including:

 

29


Exhibit A

 

Entity Name

  

Domestic Jurisdiction

  

Business Purpose

Henderson Asia Pacific Indirect Property Fund Management S.a.r.l.

   Luxembourg    To manage real estate funds.

Henderson European Retail Property Fund Management S.a.r.l.

   Luxembourg    To manage real estate funds.

Henderson Funds Management (Jersey) Limited

   Jersey    To manage real estate funds.

Henderson Funds Management Vanquish (Jersey) Limited

   Jersey    To manage real estate funds.

Henderson Funds Management Vanquish II (Jersey) Limited

   Jersey    To manage real estate funds.

Henderson Indirect Property Fund (Europe) Management S.a.r.l.

   Luxembourg    To manage real estate funds.

Henderson Property Management (Jersey) Limited

   Jersey    To act as a property manager.

Henderson Property Management Company (Luxembourg) No 1 S.à r.l

   Luxembourg    To manage real estate funds.

Henderson Property UK AIFM Limited

   United Kingdom    To act as an asset manager.

 

  b. TH RE FCACO Limited acts as a holding company for various entities regulated by the United Kingdom’s Financial Conduct Authority under the Markets in Financial Instruments Directive including:

 

Entity Name

  

Domestic Jurisdiction

  

Business Purpose

Henderson Real Estate Asset Management Limited

   United Kingdom    To manage real estate funds.

Henderson Shopping Centre Verwaltungs GmbH

   Germany    To hold real estate and related investments.

TIAA-CREF Asset Management UK Limited

   United Kingdom    To provide real estate investment advisory services.

TIAA-CREF Luxembourg S.a.r.l.

   Luxembourg    To provide accounting and domiciliary services to certain Luxembourg entities.

 

  c. TH RE Group Holdings Limited was organized to directly or indirectly hold ownership interests or otherwise directly or indirectly control the following entities which were organized to own or manage real estate related investments or act as vehicles for third party investment:

 

30


Exhibit A

 

Entity Name

  

Domestic Jurisdiction

  

Business Purpose

Anglo-Sino Henderson Investment Consultancy (Beijing) Co Limited

   China    To provide investment consulting services.

AREFM (BVI) Limited

   British Virgin Islands    To act as advisor to Asia Property No. 1 Property Fund Limited.

CLOF II (No 1 Nominee) Limited

   United Kingdom    To hold real estate investments.

Enhanced Debt Carry (GP) S.a r.I.

   Luxembourg    To act as general partner for and provide advisory, management, accounting and administrative services to Enhanced Debt Carry SCSp

European Cities Partnership (GP) S.a.r.l.

   Luxembourg    To act as general partner of a limited partnership.

Henderson Administration Services Limited

   United Kingdom    To provide administrative services.

Henderson Beteiligung Verwaltungs GmbH

   Germany    To manage real estate investments.

Henderson CLOF II (GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson CLOF II (No 1 GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson CLOF II (No 2 GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson CLOF II (No 3 GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson CLOF II Vanquish Limited

   Jersey    Entity formed to invest in real estate and related investments.

Henderson CLOF II Partnership LP

   United Kingdom    Entity formed to invest in real estate and related investments.

Henderson Global Investors Immobilien Austria GmbH

   Austria    To manage real estate investments.

Henderson Global Investors Property (No. 2) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson Joint Ventures Property Funds Management S.a.r.l.

   Luxembourg    To manage joint venture.

Henderson Matador LP General Partner Limited

   United Kingdom    To act as general partner of a limited partnership.

 

31


Exhibit A

 

Henderson OMP (GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson Property Nominees Limited

   United Kingdom    To hold real estate investments.

Henderson Real Estate Singapore Private Limited

   Singapore    To act as a real estate investment advisor.

Henderson UK OM (LP1) (GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson UK OM (LP1) Limited

   United Kingdom    To hold real estate investments.

Henderson UK OM (LP2) (GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson UK OM (LP2) Limited

   United Kingdom    To hold real estate investments.

Henderson UK OM (LP3) (GP) Limited

   United Kingdom    To act as general partner of a limited partnership.

Henderson UK OM (LP3) Limited

   United Kingdom    To hold real estate investments.

HGI Immobilien GmbH

   Germany    To act as a general partner of a limited partnership.

Islazul General Partner S.à.r.l.

   Luxembourg    To act as general partner of a limited partnership.

T-C Lux Investments GP S.a r.l.

   Luxembourg    To act as general partner of a limited partnership.

T-C Lux Investments Special Limited Partnership

   Luxembourg    To hold real estate investments.

TH RE Corporate Secretarial Services Limited

   United Kingdom    To provide administrative services.

TH RE Italy S.r.I

   Italy    To manage real estate investments.

TH RE Operations Limited

   United Kingdom    To enter into Nondisclosure Agreements on behalf of THRE Limited.

TH Real Estate (Australia) Limited

   Australia    To provide real estate advisory and management services.

TH Real Estate (France) SAS

   France    To provide real estate advisory services.

TH Real Estate Limited

   United Kingdom    Established to safeguard the name.

TH Real Estate PELV GP S.à r.l

   Luxembourg    To act as general partner of the PELV fund.

TIAA Henderson Investment Consulting

(Shanghai) Co. Ltd.

   China    To provide investment consulting services in China.

 

32


Exhibit A

 

TIAA Henderson Real Estate Enhanced Debt (GP) S.à.r.l.

   Luxembourg    To act as general partner of a limited partnership.

Enhanced Debt Holding S.à r.l.

   Luxembourg    To hold investments as part of the Enhanced Debt Carry SCSp investment fund.

Enhanced Debt Holding S.à r.l.

   Luxembourg    To hold investments as part of the Enhanced Debt Carry SCSp investment fund.

Enhanced Debt Lending Limited

   United Kingdom    To hold investments as part of the Enhanced Debt Carry SCSp investment fund.

PELV France Holdings S.à r.l

   Luxembourg    To hold real estate investments.

PELV OPCI SAS

   France    To hold real estate investments.

PELV France (SCI)

   France    To hold real estate investments.

PELV Villabé (SCI)

   France    To hold real estate investments.

PELV Bruyères (SCI)

   France    To hold real estate investments.

PELV Amiens (SCI)

   France    To hold real estate investments.

PELV Lagny (SCI)

   France    To hold real estate investments.

PELV Germany Holdings S.à r.l

   Luxembourg    To hold real estate investments.

PELV Holdings S.à r.l

   Luxembourg    To hold real estate investments.

PELV Spain Holdings S. L. (Spain)

   Spain    To hold real estate investments.

PELV Alovera S. L. (Spain)

   Spain    To hold real estate investments.

PELV BV (Netherlands)

   Netherlands    To hold real estate investments.

PELV CV (Netherlands)

   Netherlands    To hold real estate investments.

CLOF II Vanquish Limited

   Jersey    To hold real estate investments.

Vanquish Properties (UK) Limited Partnership

   United Kingdom    To hold real estate investments.

Vanquish Properties GP Limited

   Jersey    To act as general partner of a limited partnership.

Vanquish Properties GP Nominee 1 Limited

   Jersey    To hold real estate investments.

Vanquish Properties GP Nominee 2 Limited

   Jersey    To hold real estate investments.

Vanquish Properties LP Limited

   Jersey    To hold an entity that acts as the general partner of a limited partnership.

Henderson UK Outlet Mall Partnership LP

   United Kingdom    To hold real estate investments.

 

33


Exhibit A

 

  d. Additionally, real estate asset management business, certain entities within the THRE Limited group act as managers, general partners, asset managers or in other similar roles for other entities within the THRE Limited group pursuant to services agreements, the organizational documents governing such THRE Limited group entities, asset management agreements and other similar agreements.

 

(21) Oleum Holding Company, Inc. was organized to own the shares of Polar Star Canadian Oil and Gas Holding, Inc., a Canadian entity.

 

(22) Polar Star Canadian Oil and Gas Holding, Inc. was organized in Canada to hold the ownership interests in the following entities each organized in Canada: (i) Polar Star Canadian Oil and Gas, Inc. which is engaged in oil and gas exploration and production; (ii) Adastra Management, Inc., the manager of Polar Star Canadian Oil and Gas, Inc. and (iii) Nova Star Oil and Gas Inc. which owns and manages oil and gas assets.

 

(23) TIAA-CREF LPHC, LLC, was organized to hold the membership interests in (i) TCAM DOF GP LLC, TIAA-CREF Real Property Fund LP and (ii) TIAA-CREF Real Property Fund GP, LLC.

 

    TCAM DOF GP LLC was organized to act as the general partner of TIAA-CREF Asset Management Distressed Opportunities Fund, L.P., a closed-end private investment fund which will primarily invest in pooled investment vehicles with distressed debt or distressed equity strategies and will issue limited partnership interests to investors.

 

    TIAA-CREF Real Property Fund GP, LLC was organized to act as the general partner of TIAA-CREF Real Property Fund LP, which was organized to act as the member of TIAA-CREF Real Property Fund REIT, LLC which was organized to own real estate.

 

(24) T-C SMA I, LLC was organized to act as the general partner of CPPIB-TIAA U.S. Real Property Fund, L.P, which acts as a member of C-T REIT LLC, which acts as member of C-T Shenandoah which was organized to own real estate. T-C SMA III, LLC was organized to act as the general partner of TIAA-CPPIB Commercial Mortgage Company, L.P., which acts as a member of TIAA-CPPIB Commercial Mortgage Company REIT LLC which was organized to originate and manage mortgage loans secured by real estate.

 

(25) Covariance Capital Management, Inc. was organized to (i) act as an investment adviser to mid-size endowments and foundations and (ii) own the membership interests in CCAP GP, LLC, which in turn acts as the general partner of CCAP Fund 3, L.P. a Cayman Islands limited partnership, CCAP Fund 6 – 2015, L.P., CCAP Fund 6-2016, L.P., CCAP Fund 8 – 2015, L.P.,CCAP Fund 8-2016, L.P., CCAP Fund 8-2017, L.P., CCAP Fund EF, LP, CCAP Fund EIP, L.P., CCAP Fund F1, L.P., CCAP Fund GE, L.P., CCAP Fund HFD (Cayman), Ltd. organized in the Cayman Islands, CCAP Fund HFND (Cayman), Ltd. organized in the Cayman Islands, CCAP Fund MRA, L.P., CCAP Fund MRA (Cayman), Ltd. organized in the Cayman Islands, CCAP Fund PDS, L.P., CCAP Fund PDS (Cayman), Ltd. organized in the Cayman Islands, each organized to hold investments.

 

(26) Westchester Group Investment Management Holding Company, Inc. was organized to own shares in Westchester Group Investment Management, Inc.

 

34


Exhibit A

 

(27) Westchester Group Investment Management, Inc. was organized to operate an agricultural asset management business. Westchester Group Investment Management, Inc. holds the ownership interests in the following entities which hold interests in agricultural-related investments: (i) Westchester Group Asset Management, Inc., an Illinois corporation, (ii) Westchester Group Farm Management, Inc., an Illinois corporation, (iii) Westchester Group Real Estate, Inc., an Illinois corporation, (iv) Terra Land Company, an Illinois corporation, (v) The Plata Wine Partners Trust, a California trust, (vi) Westchester Group of Europe Limited, organized in the United Kingdom to hold the ownership interests in Westchester Group of Poland sp.z o.o., (vii) Westchester Group of Australia Pty Ltd., organized in Australia, (viii) Premiere Agricultural Management International LLC; (ix) Westchester Group South America Gestao De Investimentos Ltda. organized in Brazil; and (ix) International Agricultural Management, LLC. Premiere Agricultural Management International LLC acts as the manager of International Agricultural Investors Fund II, LLC, which holds the ownership interests in IAI Australia Fund II Pty, Ltd. and IAI Australia Fund II Trust, each organized in Australia and IAI USA Fund II, LLC. International Agricultural Management, LLC acts as the manager of International Agricultural Investors, LLC which owns the interests in IAI Australia Pty, Ltd. and IAI Australia Trust, each organized in Australia and IAI USA, LLC which hold agricultural investments.

 

(28) TIAA GTR Holdco LLC was organized to hold the ownership interest in Global Timber Resources LLC (“GTR”). GTR was organized to act as the managing member of Global Timber SA LLC and Global Timber International, LLC and to hold the ownership interests in GT Europe Cooperatief U.A. organized in the Netherlands. GT Europe Cooperatief U.A. was organized to hold ownership interests in Global Timber NL, B.V. organized in the Netherlands and GTR Brasil Participacoes Ltda. organized in Brasil. Global Timber NL, B.V. was organized to hold ownership interests in GTR Brasil Participacoes Ltda. GTR Brasil Participacoes Ltda. was organized to hold ownership interests in Brasilwood Reflorestamento S.A. organized in Brazil to hold timber related investments. Global Timber International, LLC was organized to hold ownership interests in the following entities organized to hold alternative investments: Brusno Maszny Sp. Zoo organized in Poland, Ipopema 95 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych organized in Poland, Global Timber Spain, S.L. organized in Spain and GT Europe Cooperatief U.A. organized in the Netherlands.

 

(29) TIAA Global Ag Holdco LLC was organized to hold the ownership interest in TIAA-CREF Global Agriculture LLC, TIAA-CREF Global Agriculture II LLC, Global Agriculture AIV (US) LLC and Global Agriculture II AIV (US) LLC which hold agricultural investments.

 

(30) TIAA Alternative Holdings, LLC (“TAH”) was organized to hold ownership interests in the following entities: (i) AGR Partners LLC organized to manage agricultural investments, (ii) Beaver Investment Holdings LLC which was organized to hold ownership interests in GreenWood Resources, Inc., (iii) Global Ag AIV (CN) GP LLC organized to act as a general partner of Global Agriculture AIV (CN), LP, (iv) Global Ag II AIV GP LLC organized to act as a general partner of Global Agriculture II AIV, LP, (v) GTR Investor Fund GP LLC organized to act as the general partner of Global Timber Resources Investor Fund LP, (vi) U.S. Cities Fund GP LLC organized to act as a general partner of TIAA-CREF Asset Management Core Property Fund LP,(vii) TCGA BT AIV, LLC organized to act as the trustee of BCIMC (TCGA) Investment Trust organized in British Columbia, Canada, (viii) TCGA Investor Fund GP LLC organized to act as the general partner of TIAA-CREF Global Agriculture Investor Fund, LP, (ix) TCGA II Investor Fund GP LLC, which acts as the general partner of Global Agriculture II Investor Fund, LP, (x) TH Property Holdings, L.L.C., (xi) TH Real Estate Global LLC organized to act as a holding company; (xii) TIAA Global Ag Special Member LLC organized to act as a special member of Global Agriculture AIV LLC and Global Agriculture AIV (US) LLC, (xiii) TIAA-CREF Alternatives Advisors, LLC, (xiv) TIAA-CREF Alternatives Services, LLC, (xv) TIAA-CREF International Holdings LLC, (xvi)Westchester Group Investment Management Holding Company, Inc. , (xvii) Churchill Asset Management LLC and (xviii) T-C U.S. Super Regional Mall Fund GP LLC organized to act as a general partner of T-C U.S. Super Regional Mall Fund LP organized as a real estate investment fund.

 

35


Exhibit A

 

(31) TIAA-CREF Alternatives Advisors, LLC was organized to advise on alternative investments and hold ownership interests in Global Agriculture II Investor Fund, LP.

 

(32) TIAA-CREF Alternatives Services, LLC was organized (i) to hold ownership interests in (a) TCAS Global Investments LLC, which was organized to enter into contracts on behalf of certain other TIAA subsidiaries; (b) GAP II NZ GP Limited organized in New Zealand to act as a general partner of Global Ag Properties II New Zealand Limited Partnership organized in New Zealand to hold agricultural investments; (c) TIAA European Farmland Fund GP LP organized in the Cayman Islands to act as the general partner of TIAA European Farmland Fund LP organized in the Cayman Islands to hold ownership interests in TEFF Holding Sarl organized in Luxembourg to hold ownership interests in TEFF Investments BV organized in the Netherlands to hold ownership interests in legal entities which will hold alternative investments ; (ii) to provide administrative services for alternative investments and (iii) to serve as a general partner or a parent to general partner entities engaged in the sponsorship of unregistered real estate and real asset related pooled investment vehicles.

 

(33) CCM Series, LLC and CCM Series 2, LLC were organized to hold investments.

 

(34) Beaver Investment Holdings, LLC was organized to hold ownership interests in GreenWood Resources, Inc.

 

(35) GreenWood Resources, Inc. (“GWR”) is an advisor and manager of timber-related investments. GWR holds the ownership interest in the following entities: (i) GreenWood Resources Capital Management, LLC, a registered investment advisor; (ii) GWR-GTFF Investment LLC, the limited partner of GreenWood Tree Farm Fund, LP; (iii) GTFF GP, LLC; (iv) GWR International Limited , organized in the United Kingdom to hold the ownership interests in (a) GWR China Ltd. organized in the British Virgin Islands to hold the ownership interests in (1) GreenWood Resources China Ltd. organized in Hong Kong to hold the ownership interests in GreenWood Resources Beijing Forestry Co. organized in China; (b) GWR Europe Ltd. organized in the United Kingdom to hold the ownership interest in GreenWood Resources Poland sp z.o.o. organized in Poland.; (c) GWR SA, Ltd. organized in the British Virgin Islands to hold the ownership interest in GreenWood Resources Chile SA organized in Chile; (v) Greenwood Resources Brasil, Ltda. organized in Brazil to provide property management services; (vi) GWR Property Management International, LLC organized to hold ownership interests in Greenwood Resources Brasil, Ltda. organized in Brazil; and (vii) Monterrey Forestal GWR SAS organized in Colombia.

 

(36) 730 Texas Forest Holdings, Inc. acts as general partner of the following entities organized in Texas, all of which own alternative investments:730 Texas Timberlands, Ltd. and 730 Texas Timberlands II, Ltd.

 

(37) Inception GP LLC acts as general partner of the following entities, all of which own interests in real estate funds: Inception Partners III, L.P., Inception Partners IV, L.P., Inception Partners V, L.P.

 

(38) T-C 20 Hunter Street (AUS) Pty Ltd. was organized in Australia to act as the trustee of T-C 20 Hunter Street (AUS) Trust organized in Australia.

 

(39) Envisage Information Systems, LLC was organized in New York and is a software development company.

 

(40) T-C Europe Holdings, Inc. was organized to act as the general partner of T-C Europe, LP organized to hold investments.

 

36


Exhibit A

 

(41) TIAA Global Asset Management, LLC was organized to hold the ownership interests in (i) TGAM Services, LLC organized to act as the employer entity for all TGAM employees and to enter into commercial relationships pertaining to the provisions of shared services, TIAA-CREF Asset Management LLC and (ii) TIAA Asset Management Finance Company, LLC, which was organized to hold the ownership interests in Nuveen Holdings I, Inc. and Teachers Advisors, LLC.

 

(42) Nuveen Holdings I, Inc. was organized to hold the ownership interests in Nuveen Holdings, Inc.’s whose principal business operation is to hold Nuveen Investments, Inc. (“Nuveen” and together with its affiliates, the “Nuveen Group”). Nuveen directly or indirectly holds ownership interests in or otherwise controls the following entities:

 

    Gresham Investment Management LLC (“GIM”), a U.S. Securities and Exchange Commission registered investment adviser, U.S. Commodity Futures Trading Commission registered commodity pool operator and U.S. Commodity Futures Trading Commission registered commodity trading advisor, and Gresham Asset Management LLC (“GAM” and together with GIM, “Gresham”) whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts, including the following investment vehicle subsidiaries, which are private funds formed to act as a vehicle for third party investors where the investments of such vehicle are managed by a Nuveen Group entity: The Gresham EJ Master Fund, Ltd., The ETAP Master Fund, Ltd., The Gresham G+ Master Fund, Ltd., The TAP WP Master Fund, Ltd., The Tap Master Fund Ltd., The Gresham A+ Master Fund, Ltd., The ETAP Fund, Ltd., The Gresham G+ Fund, Ltd., The Gresham A+ Fund, Ltd., The Gresham EJ Fund, Ltd., The Gresham Gold Plus Fund, Ltd., The TAP Fund, Ltd., The Onshore Gresham A+ Fund, LLC, The Strategic Commodities Fund II LLC, The ETAP Fund, LLC, The Gresham A+ Fund LLC, The Gresham DJF CommodityBuilder Fund, LLC, The Gresham G+ Fund, LLC, The Gresham Gold Plus Fund, LLC, The Gresham MTAP Commodity Builder Fund, LLC, The Onshore ETAP Fund, L.L.C., The Strategic Commodities Fund LLC, The TAP CommodityBuilder Fund, L.L.C., The Tap Fund, LLC, The TAP WP Fund, LLC, The Strategic Commodities Master Fund, Ltd., Strategic Commodities Fund, Ltd. Gresham also provides services to the following investment vehicle subsidiary, which is an umbrella fund with segregated liability between sub-funds, established as a designated investment company under the laws of Ireland and formed to act as a vehicle for third party investors: Gresham Qualifying Investor Funds plc. The principal business operation of Gresham Investment Management Asia Pte. Ltd., which is a wholly owned subsidiary of GIM, is to provide sales and marketing services with respect to the investment advisory and management services offered by Gresham.

 

    Tradewinds Global Investors, LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. Tradewinds Global Investors, LLC provides services to the following investment vehicle subsidiary, which is a private fund formed to act as a vehicle for third party investors where the investments of such vehicle are managed by a Nuveen Group entity: The Tradewinds Institutional Investment Trust. The principal business operation of Nuveen Tradewinds Holdings, LLC is to hold Tradewinds Global Investors, LLC.

 

    NWQ Investment Management Company, LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. Nuveen NWQ Holdings, LLC’s principal business operation is to hold NWQ Partners, LLC. The principal business operation of NWQ Partners, LLC is to hold NWQ Investment Management Company, LLC.

 

    Santa Barbara Asset Management, LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts.

 

37


Exhibit A

 

    Winslow Capital Management, LLC (“WCM”), a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts. The principal business operation of Growth Capital GP I, LLC, which is a wholly owned subsidiary of WCM, is to provide management services to collective investment vehicles sponsored by the Nuveen Group (which currently facilitates primarily investments by Teachers Insurance and Annuity Association of America), including Growth Capital Fund I, L.P., which is a private fund formed to act as a vehicle for third party investors (but which currently facilitates primarily investments by Teachers Insurance and Annuity Association of America) where the investments of such vehicle are managed by a Nuveen Group entity. The principal business operation of Nuveen WCM Holdings, LLC is to hold WCM.

 

    Symphony Asset Management LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts, including each of the following investment vehicle subsidiaries, which are private funds formed to act as a vehicle for third party investors where the investments of such vehicle are managed by a Nuveen Group entity: Bravura 99 Fund, L.P., Overture 7 Fund, L.P., Rhapsody Fund, L.P., Symphony CLO Holdings, L.P., Symphony Convertible Arbitrage Master Fund, L.P., Symphony Convertible Bond Fund, L.P., Symphony Event Driven Opportunities Fund, L.P., Symphony Event Driven Opportunities Master Fund, L.P., Symphony Long Short Credit Fund, L.P., Symphony Senior Loan Fund, L.P., Symphony Small Cap Core Fund, L.P., Symphony Long Short Credit Unit Trust, SSF-1 LLC, Symphony Credit Opportunities Fund L.P., Symphony Corporate Arbitrage and Relative Value Fund, L.P., Symphony Customized Solution Fund R, L.P., Symphony Customized Solution Fund S, L.P., Montgomery Street CLO Debt Fund LLC, Arpeggio Fund and Symphony Specialty Finance LLC.

 

    Nuveen Investments Canada Co.’s principal business operation is to provide sales and marketing services with respect to the investment advisory and management services offered by its affiliates.

 

    Nuveen Investments Advisers, LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts.

 

    Nuveen Global Investments Ltd. (“Nuveen Global”), U.K. FCA Registered Exempt CAD Firm, whose principal business operation is to provide sales and marketing services with respect to the investment advisory and management services offered by its affiliates. The principal business operation of Nuveen Global Investments Holdings, LLC is to hold Nuveen Global.

 

    Various members of the Nuveen Group provide services to Nuveen Global Investors Fund PLC, which is an umbrella fund with segregated liability between sub-funds, established as an open-ended investment company with variable capital organized under the laws of Ireland and formed to act as a vehicle for third party investors.

 

    Nuveen Asset Management, LLC, a U.S. Securities and Exchange Commission registered investment adviser, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts, including each of the following investment vehicle subsidiaries, which are private funds formed to act as a vehicle for third party investors where the investments of such vehicle are managed by a Nuveen Group entity: Core Plus Bond Fund, LLC and Municipal Cash Portfolio LLC.

 

    Nuveen Commodities Asset Management, LLC, a U.S. Commodity Futures Trading Commission registered commodity pool operator, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments), including each of the following investment vehicle subsidiaries, which are exchange-traded commodity pools formed to act as a vehicle for third party investors where the investments of such vehicle are managed by a Nuveen Group entity: Nuveen Long/Short Commodity Total Return Fund and Nuveen Diversified Commodity Fund.

 

38


Exhibit A

 

    Nuveen Investments Holdings, Inc. whose principal business operation is to provide the shared service platform for all members of the Nuveen Group. This shared service platform includes administrative and operational services for Nuveen Investments Holdings, Inc. and the other members of the Nuveen Group.

 

    Nuveen Fund Advisors, LLC, a U.S. Securities and Exchange Commission registered investment adviser and U.S. Commodity Futures Trading Commission registered commodity pool operator, whose principal business operation is to provide investment management services to Nuveen Group-sponsored investment vehicles (which facilitate primarily third party investments) and other third parties via collective investment vehicles and segregated investment accounts.

 

    Nuveen Securities, LLC, a U.S. Securities and Exchange Commission registered broker-dealer and Financial Industry Regulatory Authority member, whose principal business operation is to act as a broker-dealer that distributes and/or underwrites Nuveen Group-sponsored investment vehicles and facilitates certain trades made by the Nuveen Group’s investment managers on behalf of their clients.

 

    Nuveen Investment Solutions, Inc. is inactive.

 

(43) TH Property Holdings, LLC was organized to own directly or indirectly ownership interests in the following entities organized to own or manage real estate-related investments:

 

Entity Name    Domestic Jurisdiction

1931 Norman Drive, L.L.C.

   DE

BOA Partnership GP, L.L.C.

   DE

BOA Partnership, L.P.

   TX

Boston Road Manager, LLC

   DE

Boston Road, LLC

   DE

BV Apartments, L.L.C.

   DE

CASA Grande Investments I, LLC

   DE

CASA Grande Investments II, LP

   IL

CASA III-Ross LLC

   DE

CASA IV Acquisition, LLC

   DE

CASA IV-Evets I Fund, LLC

   DE

CASA Partners III, L.P.

   IL

CASA Partners IV, L.P.

   DE

CASA Partners V Holdings, L.L.C.

   DE

CASA Partners V, LP

   DE

CASA Partners VI GP, LLC

   DE

CASA Partners VI Holdings, LLC

   DE

CASA Partners VI, LP

   DE

CASA Partners VII GP, LLC

   DE

CASA Partners VII Holdings, LLC

   DE

CASA Partners VII, LP

   DE

CASA Student Housing Fund GP, LLC

   DE

CASA Student Housing Fund Holdings, LLC

   DE

CASA Student Housing Fund, LP

   DE

CASA VI 50WB, LLC

   DE

 

39


Exhibit A

 

Castle-Renaissance Borrower, LLC

  MD

Castle-Renaissance, LLC

  DE

CGL Banyan Bay, L.P.

  DE

CGL Investments, LLC

  DE

CGL Los Prados, L.P.

  DE

CGL Management, LLC

  DE

Chelmsford Commons Manager, LLC

  DE

Chelmsford Commons, LLC

  DE

Columbia Commons Apartments, L.P.

  MD

Columbia Commons Funding, LLC

  MD

Country Village Shopping Center, LLC

  DE

CVII - Shoreline LLC

  DE

CVII - Waterstone LLC

  DE

DDR-SAU Retail Fund, L.L.C.

  DE

Fordham Glen Apartments, LLC

  DE

Forestwood Apartments, LLC

  DE

Glenlake Club I, LLC

  DE

Global Investors GP II, L.L.C.

  DE

Global Investors GP IV, L.L.C.

  DE

Global Investors GP, L.L.C.

  DE

Innesbrook Apartments, LLC

  DE

Madison Dell Ranch Apartments, LLC

  DE

Mansion Apartments, LLC

  DE

Metro Centre Office Park, L.L.C.

  DE

ML CASA II Management, LLC

  DE

ML CASA II, L.P.

  DE

ML CASA III Management, LLC

  DE

ML CASA III, L.P.

  DE

ML CASA IV Management, LLC

  DE

ML CASA IV, L.P.

  DE

ML CASA V Management, LLC

  DE

ML CASA V, L.P.

  DE

ML CASA VI Management, LLC

  DE

ML CASA VI, LP

  DE

ML CASA VII Management, LLC

  DE

ML CASA VII, LP

  DE

MLVI Boca Vista Apartments, LLC

  DE

MLVI Martha’s Vineyard Apartments, LLC

  DE

MLVI Park Lake Apartments, LLC

  DE

MLVI Paseo Apartments, LLC

  DE

MLVI Pointe At Crabtree Apartments, LLC

  DE

MLVI Symphony Place Apartments, LLC

  DE

 

40


Exhibit A

 

NA Property Fund Holdings, L.L.C.

  DE

North American Property Fund, L.P.

  DE

Overlook At Woodholme Apartments, LLC

  DE

Owings Park Apartments, LLC

  DE

Park At City West Apartments, LLC

  DE

Park At Winterset Apartments Funding, LLC

  DE

Park At Winterset Apartments, LLC

  DE

Pelican Cove Apartment Homes, LLC

  DE

Pine Tree-SAU Retail Fund, L.L.C.

  DE

Prairie Point Complex, L.L.C.

  DE

Regency Dell Ranch Apartments, LLC

  DE

Renaissance Plaza Castle, LLC

  MD

Retail Housing IDF, LLC

  DE

Rittenhouse Apartments, LLC

  DE

River Oaks Apartments, LLC

  DE

Runaway Bay, LLC

  DE

San Regis, LLC

  DE

Santa Fe Ranch, LLC

  DE

SHF-33D North Apts, LLC

  DE

SHF-Millennium One Apts, LLC

  DE

SHF-The Rocks Apts, LLC

  DE

Silverwood Apartments, LLC

  DE

Special Account-U, L.P.

  DE

Springing Druid, Inc.

  DE

Stonegate Complex GP, L.L.C.

  DE

Stonegate Complex, L.P.

  DE

Sunpointe Cove, LLC

  DE

TCAS Global Investments LLC

  DE

TH Property Holdings, L.L.C.

  DE

The Grove Apartments, LLC

  DE

The Lantern Apartments LLC

  DE

The Pointe At Chapel Hill Apartments, LLC

  DE

Tramonto Apartments LLC

  DE

TXCGL Properties, L.P.

  DE

Vista Pointe Apartments, LLC

  DE

Walk Apartments, LLC

  DE

Waterford at The Lakes Apartments, LLC

  DE

Waterford Park Apartments, LLC

  DE

 

41


Exhibit A

 

(44) T-C Waterford Blue Lagoon General Partner LLC was organized to enter into a joint venture with Waterford Blue Lagoon LP to own and manage real estate and to act as a General Partner of Waterford Blue Lagoon LP, which owns ownership interests in Waterford Blue Lagoon REIT General Partner LLC, Westland at Waterford REIT General Partner LLC and Waterford Core General Partner LLC. Waterford Blue Lagoon REIT General Partner LLC was organized to act as the General Partner of Waterford Blue Lagoon REIT LP. Westland at Waterford REIT General Partner LLC was organized to act as the General Partner of Westland at Waterford REIT LP. 701-703 Waterford General Partner LLC was organized to act as the General Partner of 701-703 Waterford Operating LP. 1000 Waterford General Partner LLC was organized to act as the General Partner of 1000 Waterford Operating LP. 5200 Waterford General Partner LLC was organized to act as the General Partner of 5200 Waterford Operating LP. 5201-5301 General Partner LLC was organized to act as the General Partner of 5201-5301 Waterford Operating LP. Westland at Waterford General Partner LLC was organized to act as the General Partner of Westland at Waterford Operating LP. Waterford Core General Partner LLC was organized to act as the General Partner of Waterford Core Operating LP.

 

(45) T-C Illinois Street, LLC was organized to hold the ownership interests in ARE-San Francisco No. 43, LLC which was organized to act as a joint venture vehicle for real estate investments.

 

(46) ConsultEDUAlliance LLC was organized to provide consulting services to higher education institutions.

 

(47) Lewis & Clark Timberlands, LLC was to hold direct/indirect ownership interests in the following entities which own timber related investments: L&C Log Co, LLC and L&C Tree Farms, LLC,L&C TRS LLC.

 

(48) TIAA GBS Holding LLC was organized to hold the ownership interests in TIAA GBS Singapore Holding Company Pte. Ltd., organized in Singapore to hold the ownership interests in TIAA Global Business Services (India) Private Limited organized in India to provide certain information technology related services.

 

(49) Churchill Asset Management LLC was organized to hold the ownership interests in TGAM Churchill Fund GP LLC which was organized to hold the ownership interests in Churchill MMSLF Master, LP, TGAM Churchill Middle Market Senior Loan Fund, LP organized to hold the ownership interests in Churchill MMSLF Funding I, LLC, TGAM Churchill Middle Market Senior Loan Fund Offshore LP. organized in the Cayman Islands to hold the ownership interests in Churchill MMSLF Master, LP. which was organized in the Cayman Islands to hold the ownership interests in Churchill MMSLF Funding 2, LLC.

 

(50) AGR Partners LLC was organized to hold the ownership interests in TGAM Agribusiness Fund GP LLC which was organized to hold the ownership interests in TGAM Agribusiness Fund-B LP organized in the Cayman Islands to make private equity investments in agribusiness companies for international third party investors.

 

(51) MyVest Corporation was organized to provide digital financial account management services.

 

(52) ND Properties, Inc. was organized to hold the ownership interests in ND Europe S.a.r.l. organized in Luxembourg, which was organized to hold the ownership interests in ND Europe Office Holding S.a.r.l. and indirect interests in investments. ND Europe Office Holding S.a.r.l. organized in Luxembourg to hold the ownership interests in the following Luxembourg entities which hold real estate investments: TIAA Lux 8 S.a.r.l, Cityhold Euro S.a.r.l. and Cityhold Office Partnership S.a.r.l. Cityhold Office Partnership S.a.r.l. holds direct/indirect ownership interests in the following entities which hold real estate investments:

 

42


Exhibit A

 

Entity Name

  

Domestic

Jurisdiction

70 St Mary Axe Unit Trust

   Jersey

Abford House Unit Trust

   Jersey

Cityhold Euro S.à r.l

   Luxembourg

Cityhold Nymphe S.à r.l

   Luxembourg

Cityhold Office Partnership S.à r.l

   Luxembourg

Cityhold Participations S.à r.l

   Luxembourg

Cityhold Peak Participations S.à r.l

   Luxembourg

Cityhold Peak S.à r.l

   Luxembourg

Cityhold Propco 10 S.à r.l

   Luxembourg

Cityhold Propco 11 S.à r.l

   Luxembourg

Cityhold Propco 12 S.à r.l

   Luxembourg

Cityhold Propco 6 S.à r.l

   Luxembourg

Cityhold Propco 7 S.à r.l

   Luxembourg

Cityhold Propco 9 S.à r.l

   Luxembourg

 

43


Exhibit A

 

Entity Name

  

Domestic

Jurisdiction

Cityhold Sterling S.à r.l

   Luxembourg

Cityhold UK Holding S.à r.l

   Luxembourg

Cityhold UK Investment S.à r.l

   Luxembourg

CLOF Victoria Nominee 1 Limited

   United Kingdom

CLOF Victoria Nominee 2 Limited

   United Kingdom

HV Freehold S.à r.l

   Luxembourg

HV Properties S.à r.l

   Luxembourg

KS Freehold S.à r.l

   Luxembourg

KS Leasehold S.à r.l

   Luxembourg

London Belgrave Unit Trust

   Jersey

ND Europe Office Holding S.à r.l

   Luxembourg

New Fetter Lane Unit Trust

   Jersey

Paddington Central III Unit Trust

   Jersey

Roosevelt Participation S.à r.l

   Luxembourg

SARL 154 rue de l’Université

   France

 

44


Exhibit A

 

Entity Name

  

Domestic

Jurisdiction

SAS 36 rue La Fayette

   France

SAS Courcelles 70

   France

SAS Malachite

   France

SAS Roosevelt

   France

SAS rue de l’Universite 154

   France

SNC Garnet-TIAA

   France

SNC La Défense

   France

SNC Lazuli

   France

SNC Péridot

   France

SNC Roosevelt

   France

TIAA Lux 8 S.a.r.l.

   Luxembourg

TIAA Lux 9 S.a.r.l.

   Luxembourg

Unless otherwise indicated, entities referenced herein are domiciled in the State of Delaware

Additional entities, comprised of joint ventures are not individually listed herein. While they technically are controlled by TIAA by virtue of the grant of voting rights to TIAA upon creation of each subsidiary, TIAA does not actively control the day-to-day activities and instead defers to its partners.    

 

45


Exhibit A

 

Entity Name    Owner Name   

Ownership

%

 

1000 Waterford General Partner LLC

   Waterford Blue Lagoon Reit LP      100   

1000 Waterford Operating LP

   1000 Waterford General Partner LLC      0   

1000 Waterford Operating LP

   Waterford Blue Lagoon Reit LP      100   

154 rue de l’Université

   Rue de L’Universite 154      100   

1867 Infrastructure Holdings Inc.

   ACS Infrastructure Canada Inc.      49   

1867 Infrastructure Holdings Inc.

   A-30 Canadian Transport Inc.      51   

1931 Norman Drive, L.L.C.

   NA Property Fund Holdings, L.L.C.      100   

36 rue La Fayette

   Cityhold Office Partnership S.à r.l      100   

485 Properties, LLC

   Teachers Insurance and Annuity Association of America      100   

5200 Waterford General Partner LLC

   Waterford Blue Lagoon Reit LP      100   

5200 Waterford Operating LP

   5200 Waterford General Partner LLC      0   

5200 Waterford Operating LP

   Waterford Blue Lagoon Reit LP      100   

5201-5301 Waterford General Partner LLC

   Waterford Blue Lagoon Reit LP      100   

5201-5301 Waterford Operating LP

   5201-5301 Waterford General Partner LLC      0   

5201-5301 Waterford Operating LP

   Waterford Blue Lagoon Reit LP      100   

70 St Mary Axe Unit Trust

   Cityhold UK Investment S.à r.l      0.1   

70 St Mary Axe Unit Trust

   Cityhold UK Holding S.à r.l      99.9   

701-703 Waterford General Partner LLC

   Waterford Blue Lagoon Reit LP      100   

701-703 Waterford Operating LP

   701-703 Waterford General Partner LLC      0   

701-703 Waterford Operating LP

   Waterford Blue Lagoon Reit LP      100   

730 Carroll, LLC

   730 Power Development, LLC      100   

 

46


Exhibit A

 

730 Catsolar, LLC

   TIAA SynGas, LLC      100   

730 Cricket, LLC

   730 Power Development, LLC      100   

730 Data Centers, LLC

   Teachers Insurance and Annuity Association of America      100   

730 Databridge, LLC

   730 Data Centers, LLC      100   

730 Holdings, LLC

   TIAA Board Of Overseers      100   

730 Orion, LLC

   TIAA SynGas, LLC      100   

730 Power Development, LLC

   Teachers Insurance and Annuity Association of America      100   

730 Telecom LLC

   Teachers Insurance and Annuity Association of America      100   

730 Texas Forest Holdings, Inc.

   Teachers Insurance and Annuity Association of America      100   

730 Texas Timberlands II, Ltd.

   730 Texas Forest Holdings, Inc.      0.5   

730 Texas Timberlands II, Ltd.

   Teachers Insurance and Annuity Association of America      99.5   

730 Texas Timberlands, Ltd.

   730 Texas Forest Holdings, Inc.      0.5   

730 Texas Timberlands, Ltd.

   TIAA Timberlands I, LLC      99.5   

730 Westlands, LLC

   730 Power Development, LLC      100   

8 Spruce Street GA Investor LLC

   T-C GA Real Estate Holdings LLC      100   

A-30 Canadian Transport Inc.

   TIAA Infrastructure Investments, LLC      100   

Abford House Unit Trust

   Cityhold Participations S.à r.l      5   

Abford House Unit Trust

   Cityhold Peak S.à r.l      95   

Actgas, LLC

   TIAA Oil And Gas Investments, LLC      100   

Active Extension Fund I, LLC

   Teachers Insurance and Annuity Association of America      100   

Active Extension Fund III, LLC

   Teachers Insurance and Annuity Association of America      100   

Actoil Bakken, LLC

   TIAA Oil And Gas Investments, LLC      100   

 

47


Exhibit A

 

Actoil Colorado, LLC

   TIAA Oil And Gas Investments, LLC      100   

Actoil Utica, LLC

   TIAA Oil And Gas Investments, LLC      100   

Actoil, LLC

   TIAA Oil And Gas Investments, LLC      100   

Adastra Management Inc.

   Darrin Foster      15   

Adastra Management Inc.

   Evelyn Burnett      15   

Adastra Management Inc.

   Karl Rumpf      15   

Adastra Management Inc.

   Kevin Orriss      15   

Adastra Management Inc.

   Polar Star Canadian Oil and Gas Holding, Inc.      40   

Adeoti Empreendimentos Imobiliários Ltda

   T-C JK II LLC      49   

Adeoti Empreendimentos Imobiliários Ltda

   T-C JK I LLC      51   

AGR Agricultural Investments LLC

   Occator Agricultural Properties, LLC      100   

AGR Partners LLC

   Ejnar Knudsen      25   

AGR Partners LLC

   TIAA Alternative Holdings, LLC      75   

Agricola Ag II Limitada

   Mulpun S.A.      0.001   

Agricola Ag II Limitada

   TIAA-CREF Global Agriculture II LLC      99.999   

Agrobio Investimentos e Participações S.A.

   Cosan S.A. Industria E Comercio      0.01   

Agrobio Investimentos e Participações S.A.

   Tellus Brasil Participações S.A.      100   

Aguas da Ponte Alta S.A.

   Cosan S.A. Industria E Comercio      0.01   

Aguas da Ponte Alta S.A.

   Administração de Participações Aguassanta Ltda      100   

AGW Empreendimentos e Participações S.A.

   Cosan S.A. Industria E Comercio      0.01   

AGW Empreendimentos e Participações S.A.

   Janus Brasil Participacoes, S.A.      99.99   

Ala Moana Holding, LLC

   T-C Pearl Investor LLC      12.5   

 

48


Exhibit A

 

Almond Processors, LLC

   Teachers Insurance and Annuity Association of America      100   

Alta Loma Vineyard LLC

   Silverado WineGrowers, LLC      100   

Anglo-Sino Henderson Investment Consultancy (Beijing) Co Limited

   TH RE Group Holdings Limited      100   

AREFM (BVI) Limited

   Alpha Investment Partners (BVI) Limited      50   

AREFM (BVI) Limited

   TH RE Group Holdings Limited      50   

ARE-San Francisco No. 43, LLC

   T-C Illinois Street, LLC      40   

ARE-San Francisco No. 43, LLC

   Alexandria Real Estate Equities, L.P.      60   

Aroeira Propriedades Agrícolas Ltda

   Cosan S.A. Industria E Comercio      0.01   

Aroeira Propriedades Agrícolas Ltda

   Janus Brasil Participacoes, S.A.      99.99   

Arpeggio Fund

   Symphony Asset Management LLC      100   

Arroyo Loma, LLC

   Silverado Premium Properties, LLC      100   

AUB (CASA VI) Investment Fund, LLC

   Shuaib Holdings      0.2494   

AUB (CASA VI) Investment Fund, LLC

   Arab Fund for Economic and Social Development      16.6251   

AUB (CASA VI) Investment Fund, LLC

   The Public Institution for Social Security      83.1255   

BayCity CLO Holdings, L.P.

   Symphony Asset Management LLC      0   

Baycity Convertible Arbitrage Master Fund, L.P.

   Symphony Asset Management LLC      0.11   

Baycity Convertible Arbitrage Master Fund, L.P.

   Non-TIAA 3rd Party LPs      99.89   

BayCity Convertible Bond Fund, L.P.

   Symphony Asset Management LLC      1.02   

BayCity Corporate Arbitrage and Relative Value Fund, L.P.

   Symphony Asset Management LLC      0   

BayCity Credit Opportunities Fund L.P.

   Symphony Asset Management LLC      0   

BayCity Customized Solution Fund R, L.P.

   Symphony Asset Management LLC      0.009   

BayCity Customized Solution Fund S, L.P.

   Symphony Asset Management LLC      0.009   

 

49


Exhibit A

 

BayCity Event Driven Opportunities Fund, L.P.

   Symphony Asset Management LLC      0.48   

BayCity Event Driven Opportunities Master Fund, L.P.

   Symphony Asset Management LLC      0.07   

BayCity Event Driven Opportunities Master Fund, L.P.

   Non-TIAA 3rd Party LPs      99.93   

BayCity Long Short Credit Fund, L.P.

   Symphony Asset Management LLC      0.91   

BayCity Long Short Credit Unit Trust

   Symphony Asset Management LLC      0   

BayCity Long Short Credit Unit Trust

   Non-TIAA Owners      100   

BayCity Senior Loan Fund L.P.

   Symphony Asset Management LLC      0.01   

BayCity Small Cap Core Fund, L.P.

   Symphony Asset Management LLC      1.31   

BCIMC (TCGA II) Investment Trust

   8160309 Canda Inc, as Bare Trustee, Nominee and Agent fo The College Pension Plan (British Columbia),and several other entities      100   

Beaver Investment Holdings LLC

   TIAA Alternative Holdings, LLC      100   

Bioinvestments Negócios e Participações

   Cosan S.A. Industria E Comercio      0.01   

Bioinvestments Negócios e Participações

   Radar II Propriedades Agrícolas S.A.      99.99   

Blue Ridge PP Condominium Association, Inc.

   T-C Palomino Blue Ridge LLC      100   

BOA Partnership GP, L.L.C.

   NA Property Fund Holdings, L.L.C.      100   

BOA Partnership, L.P.

   BOA Partnership GP, L.L.C.      0.01   

BOA Partnership, L.P.

   NA Property Fund Holdings, L.L.C.      99.99   

Boardman Tree Farm, LLC

   GreenWood Tree Farm Fund, LP      100   

Boca 10 A & B LLC

   Boca 54 Land Associates LLC      100   

Boca 10 C & D LLC

   Boca 54 Land Associates LLC      100   

Boca 11 A LLC

   Boca 54 Land Associates LLC      100   

Boca 54 Land Associates LLC

   Flagler Boca 54 LLC      20   

 

50


Exhibit A

 

Boca 54 Land Associates LLC

   TIAA 485 Boca 54 LLC      80   

Boca 54 North LLC

   Boca 54 Land Associates LLC      100   

Boston Road Manager, LLC

   CASA Partners VI Holdings, LLC      100   

Boston Road, LLC

   Boston Road Manager, LLC      100   

Brasilwood Reflorestamento S.A.

   GAPX Investimentos Ltda.      25   

Brasilwood Reflorestamento S.A.

   GTR Brasil Participacoes Ltda.      75   

Bravura 99 Fund, L.P.

   Symphony Asset Management LLC      47.25   

Bridge View Land, LLC

   Silverado Premium Properties, LLC      100   

BRKLYN NY 250 N 10th Street Owner LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

Broadleaf Timberland Investments, LLC

   Teachers Insurance and Annuity Association of America      100   

Brusno Maszyny Sp. z.o.o.

   Global Timber International, LLC      100   

Brusno Resort Spolka Z Organiczona Odpowiedzialnoscia w Organizacji

   Ipopema 95 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (“FIZAN”)      100   

Bruyeres I SAS

   ND Europe S.a.r.l.      100   

Bruyeres II SAS

   ND Europe S.a.r.l.      100   

BV Apartments, L.L.C.

   CASA Grande Investments I, LLC      100   

CASA Grande Investments I, LLC

   Global Investors GP, L.L.C.      0   

CASA Grande Investments I, LLC

   Public Employees Retirement Association of Colorado - Non TIAA      48.6   

CASA Grande Investments I, LLC

   Utah State Retirement Investment Fund - Non TIAA      51.4   

CASA Grande Investments II, LP

   Global Investors GP, L.L.C.      0.0024   

 

51


Exhibit A

 

CASA Grande Investments II, LP

   Public Employees Retirement Association of Colorado - Non TIAA      49.9988   

CASA Grande Investments II, LP

   Utah State Retirement Investment Fund - Non TIAA      49.9988   

CASA III-Ross LLC

   CASA Partners III, L.P.      100   

CASA IV Acquisition, LLC

   CASA Partners IV, L.P.      100   

CASA IV-Evets I Fund, LLC

   Evets I Fund, LLC      10   

CASA IV-Evets I Fund, LLC

   CASA Partners IV, L.P.      90   

CASA Partners III, L.P.

   Global Investors GP, L.L.C.      0   

CASA Partners III, L.P.

   Terry Senger      0.00002218   

CASA Partners III, L.P.

   AJ & Karen Richard      0.00004437   

CASA Partners III, L.P.

   Daniel McDonough (Non-TIAA Henderson)      0.00004437   

CASA Partners III, L.P.

   Brian P. Eby      0.00006655   

CASA Partners III, L.P.

   James O’Brien (Non-TIAA Henderson)      0.00008874   

CASA Partners III, L.P.

   JP Rachmaninoff (Non-TIAA Henderson)      0.00008874   

CASA Partners III, L.P.

   Karen & Richard Sheehan      0.00008874   

CASA Partners III, L.P.

   Edward Pierzak      0.00011092   

CASA Partners III, L.P.

   Michael Schwaab      0.00013311   

CASA Partners III, L.P.

   Douglas G. Denyer      0.00017747   

 

52


Exhibit A

 

CASA Partners III, L.P.

   James Martha      0.00017747   

CASA Partners III, L.P.

   Charles Wurtzebach      0.00066552   

CASA Partners III, L.P.

   Public Employees Retirement Association of Colorado - Non TIAA      22.184263   

CASA Partners III, L.P.

   Utah State Retirement Investment Fund - Non TIAA      33.276394   

CASA Partners III, L.P.

   Wisconsin Retirement System      44.368525   

CASA Partners IV, L.P.

   Global Investors GP, L.L.C.      0   

CASA Partners IV, L.P.

   A. J. Richard      0.0024   

CASA Partners IV, L.P.

   Brian P. Eby      0.0024   

CASA Partners IV, L.P.

   Daniel McDonough (Non-TIAA Henderson)      0.0024   

CASA Partners IV, L.P.

   Edward Pierzak      0.0049   

CASA Partners IV, L.P.

   James O’Brien      0.0049   

CASA Partners IV, L.P.

   Susan Motowidlak      0.0049   

CASA Partners IV, L.P.

   Terry Senger      0.0049   

CASA Partners IV, L.P.

   JP Rachmaninoff (Non-TIAA Henderson)      0.0073   

CASA Partners IV, L.P.

   Michael Schwaab      0.0073   

CASA Partners IV, L.P.

   James Martha      0.0122   

CASA Partners IV, L.P.

   Charles Wurtzebach      0.0244   

CASA Partners IV, L.P.

   Kwiker Trust      0.0244   

CASA Partners IV, L.P.

   Nagy Pension      0.0244   

CASA Partners IV, L.P.

   Texas General Land Office - Non TIAA      12.1797   

CASA Partners IV, L.P.

   Honeywell      14.6156   

CASA Partners IV, L.P.

   Public Employees Retirement Association of Colorado - Non TIAA      24.3593   

 

53


Exhibit A

 

CASA Partners IV, L.P.

   Utah State Retirement Investment Fund - Non TIAA      24.3593   

CASA Partners IV, L.P.

   Wisconsin Retirement System      24.3593   

CASA Partners V Holdings, L.L.C.

   CASA Partners V, LP      100   

CASA Partners V, LP

   Global Investors GP II, L.L.C.      0   

CASA Partners V, LP

   Brian P. Eby      0.0064   

CASA Partners V, LP

   Daniel McDonough (Non-TIAA Henderson)      0.0064   

CASA Partners V, LP

   Susan Motowidlak      0.0064   

CASA Partners V, LP

   James O’Brien (Non-TIAA Henderson)      0.0097   

CASA Partners V, LP

   A. J. Richard      0.0161   

CASA Partners V, LP

   Edward Pierzak      0.0161   

CASA Partners V, LP

   James Martha      0.0161   

CASA Partners V, LP

   Michael Schwaab      0.0161   

CASA Partners V, LP

   James Darkins (Non-TIAA Henderson)      0.029   

CASA Partners V, LP

   Michael Sales (Non-TIAA Henderson)      0.0322   

CASA Partners V, LP

   Texas General Land Office - Non TIAA      19.3237   

CASA Partners V, LP

   Public Employees Retirement Association of Colorado - Non TIAA      32.2061   

CASA Partners V, LP

   Utah State Retirement Investment Fund - Non TIAA      48.3092   

CASA Partners VI GP, LLC

   TH Property Holdings, L.L.C.      100   

CASA Partners VI Holdings, LLC

   CASA Partners VI, LP      100   

CASA Partners VI, LP

   CASA Partners VI GP, LLC      0   

CASA Partners VI, LP

   Brian P. Eby      0.0029   

CASA Partners VI, LP

   Taeuk Namkoong      0.0038   

 

54


Exhibit A

 

CASA Partners VI, LP

   Terry Senger      0.0038   

CASA Partners VI, LP

   Michael Schwaab      0.0058   

CASA Partners VI, LP

   Susan Motowidlak      0.0058   

CASA Partners VI, LP

   A. J. Richard      0.0077   

CASA Partners VI, LP

   Michael Sales (Non-TIAA Henderson)      0.0115   

CASA Partners VI, LP

   James Martha      0.0192   

CASA Partners VI, LP

   James O’Brien (Non-TIAA Henderson)      0.0192   

CASA Partners VI, LP

   Public Employees Retirement Association of Colorado - Non TIAA      19.2044   

CASA Partners VI, LP

   Utah State Retirement Investment Fund - Non TIAA      19.2044   

CASA Partners VI, LP

   AUB (CASA VI) Investment Fund, LLC      23.1028   

CASA Partners VI, LP

   Wisconsin Retirement System      38.4087   

CASA Partners VII GP, LLC

   TH Property Holdings, L.L.C.      100   

CASA Partners VII Holdings, LLC

   CASA Partners VII, LP      100   

CASA Partners VII, LP

   Public Employees Retirement Association of Colorado - Non TIAA      22.22   

CASA Partners VII, LP

   Utah State Retirement Investment Fund - Non TIAA      33.33   

CASA Partners VII, LP

   Wisconsin Retirement System      44.45   

CASA Student Housing Fund GP, LLC

   TH Property Holdings, L.L.C.      100   

CASA Student Housing Fund Holdings, LLC

   CASA Student Housing Fund, LP      100   

CASA Student Housing Fund, LP

   CASA Student Housing Fund GP, LLC      0   

CASA Student Housing Fund, LP

   Teachers Insurance and Annuity Association of America      0   

CASA VI 50WB, LLC

   CASA Partners VI Holdings, LLC      100   

Castle-Renaissance Borrower, LLC

   Renaissance Plaza Castle, LLC      100   

 

55


Exhibit A

 

Castle-Renaissance, LLC

   CASA III-Ross LLC      100   

CCAP Fund 3, L.P.

   CCAP GP, LLC      0   

CCAP Fund 3, L.P.

   East Wildlife Foundation      100   

CCAP FUND 6 - 2015, L.P.

   CCAP GP, LLC      0   

CCAP FUND 6 - 2015, L.P.

   Covariance Capital Management, Inc.      100   

CCAP Fund 6-2016, L.P.

   Covariance Capital Management, Inc.      0   

CCAP FUND 8 - 2015, L.P.

   CCAP GP, LLC      0   

CCAP FUND 8 - 2015, L.P.

   Covariance Capital Management, Inc.      100   

CCAP Fund 8-2016, L.P.

   Covariance Capital Management, Inc.      0   

CCAP Fund EF, LP

   CCAP GP, LLC      0   

CCAP Fund EF, LP

   East Foundation      100   

CCAP Fund EIP, L.P.

   CCAP GP, LLC      0   

CCAP Fund HFD (Cayman), Ltd.

   CCAP GP, LLC      100   

CCAP Fund HFND (Cayman), Ltd.

   CCAP GP, LLC      100   

CCAP Fund MRA (Cayman), Ltd.

   CCAP GP, LLC      100   

CCAP Fund PDS (Cayman), Ltd.

   CCAP GP, LLC      100   

CCAP GP, LLC

   Covariance Capital Management, Inc.      100   

CCM Series 2, LLC

   Teachers Insurance and Annuity Association of America      100   

CCM Series, LLC

   Teachers Insurance and Annuity Association of America      100   

CD (TCGA II) Investment Trust

   Caisse De Depot Et Placement Du Quebec      100   

Ceres Agricultural Properties, LLC

   Teachers Insurance and Annuity Association of America      100   

Cerpon Participações S.A.

   Cosan S.A. Industria E Comercio      0.01   

 

56


Exhibit A

 

Cerpon Participações S.A.

   Tellus Brasil Participações S.A.      100   

CGL Banyan Bay, L.P.

   CGL Management, LLC      0.01   

CGL Banyan Bay, L.P.

   CGL Investments, LLC      99.99   

CGL Investments, LLC

   CASA Grande Investments I, LLC      100   

CGL Los Prados, L.P.

   CGL Management, LLC      0.1   

CGL Los Prados, L.P.

   CGL Investments, LLC      99.9   

CGL Management, LLC

   CASA Grande Investments I, LLC      100   

Chalk Ridge Vineyard, LLC

   Silverado Premium Properties, LLC      100   

Chelmsford Commons Manager, LLC

   CASA Partners VI Holdings, LLC      100   

Chelmsford Commons, LLC

   Chelmsford Commons Manager, LLC      100   

China Designer Outlet Mall SA

   Teachers Insurance and Annuity Association of America      18.81   

Churchill Asset Management LLC

   Christopher Cox      2.5   

Churchill Asset Management LLC

   TIAA Alternative Holdings, LLC      75   

Churchill MMSLF Funding 1, LLC

   TGAM Churchill Middle Market Senior Loan Fund, LP      100   

Churchill MMSLF Funding 2, LLC

   Churchill MMSLF Master, LP      100   

Churchill MMSLF Master, LP

   TGAM Churchill Fund GP LLC      50   

Churchill MMSLF Master, LP

   TGAM Churchill Middle Market Senior Loan Fund, Offshore LP      50   

Cityhold Euro S.à r.l

   Chapone S.à r.l (AP1)      3   

Cityhold Euro S.à r.l

   Chaptwo S.à r.l (AP2)      3   

Cityhold Euro S.à r.l

   ND Europe Office Holding S.à r.l      6   

Cityhold Euro S.à r.l

   Cityhold Office Partnership S.à r.l      88   

Cityhold Nymphe S.à r.l

   Cityhold Euro S.à r.l      100   

 

57


Exhibit A

 

Cityhold Office Partnership S.à r.l

   Chapone S.à r.l (AP1)      25   

Cityhold Office Partnership S.à r.l

   Chaptwo S.à r.l (AP2)      25   

Cityhold Office Partnership S.à r.l

   ND Europe Office Holding S.à r.l      50   

Cityhold Participations S.à r.l

   Cityhold Sterling S.à r.l      100   

Cityhold Peak Participations S.à r.l

   Cityhold Sterling S.à r.l      100   

Cityhold Peak S.à r.l

   Cityhold Sterling S.à r.l      100   

Cityhold Propco 10 S.à r.l

   Cityhold Euro S.à r.l      100   

Cityhold Propco 11 S.à r.l

   Cityhold Euro S.à r.l      100   

Cityhold Propco 12 S.à r.l

   Cityhold Euro S.à r.l      100   

Cityhold Propco 6 S.à r.l

   Cityhold Sterling S.à r.l      100   

Cityhold Propco 7 S.à r.l

   Cityhold Euro S.à r.l      100   

Cityhold Propco 9 S.à r.l

   Cityhold Euro S.à r.l      100   

Cityhold Sterling S.à r.l

   Cityhold Office Partnership S.à r.l      100   

Cityhold UK Holding S.à r.l

   Cityhold Office Partnership S.à r.l      100   

Cityhold UK Investment S.à r.l

   Cityhold UK Holding S.à r.l      100   

Clarendon Virginia IV, LLC

   TIAA Realty, LLC      100   

CLOF II (No 1 Nominee) Limited

   Henderson CLOF II (No 1 GP) Limited      100   

CLOF Jersey General Partner Limited

   Non-TIAA 3rd Party LPs      100   

CLOF Jersey Nominee A Limited

   Non-TIAA 3rd Party LPs      100   

CLOF Jersey Nominee B Limited

   Non-TIAA 3rd Party LPs      100   

CLOF Victoria Nominee 1 Limited

   London Belgrave Unit Trust      100   

CLOF Victoria Nominee 2 Limited

   London Belgrave Unit Trust      100   

 

58


Exhibit A

 

Columbia Commons Apartments, L.P.

   CASA IV Acquisition, LLC      1   

Columbia Commons Apartments, L.P.

   CASA Partners IV, L.P.      99   

Columbia Commons Funding, LLC

   Columbia Commons Apartments, L.P.      100   

Companhia Agrícola Botucatu

   Cosan S.A. Industria E Comercio      0.01   

Companhia Agrícola Botucatu

   Janus Brasil Participacoes, S.A.      99.99   

ConsultEDUAlliance LLC

   Teachers Insurance and Annuity Association of America      100   

Core Plus Bond Fund, LLC

   Nuveen Asset Management, LLC      0   

Country Village Shopping Center, LLC

   NA Property Fund Holdings, L.L.C.      100   

Courcelles 70

   Cityhold Office Partnership S.à r.l      100   

Covariance Capital Management, Inc.

   TIAA-CREF Redwood, LLC      100   

CPF 1511 Third Avenue LLC

   CPF/UIR Joint Venture LLC      100   

CPF 636 Sixth Avenue LLC

   CPF/UIR Joint Venture LLC      100   

CPF 856 Market Street LLC

   CPF/UIR Joint Venture LLC      100   

CPF/UIR Joint Venture LLC

   Union Investment Real Estate GmbH      49   

CPF/UIR Joint Venture LLC

   CPF/UIR JV Member LLC      51   

CPF/UIR JV Member LLC

   U.S. Cities Retail Fund Operating LP      100   

CPPIB-TIAA U.S. Real Property Fund, L.P.

   T-C SMA I, LLC      1   

CPPIB-TIAA U.S. Real Property Fund, L.P.

   CPPIB US RE-2 GP      49   

CPPIB-TIAA U.S. Real Property Fund, L.P.

   Teachers Insurance and Annuity Association of America      50   

Cranston Investments SP. z.o.o.

   Neptune Polish Property Venture BV      100   

C-T REIT LLC

   Reit Shareholders      0.01   

C-T REIT LLC

   CPPIB-TIAA U.S. Real Property Fund, L.P.      99.99   

 

59


Exhibit A

 

C-T Shenandoah LLC

   C-T REIT LLC      100   

CVII - Shoreline LLC

   ML CASA VII, LP      100   

CVII - Waterstone LLC

   CASA Partners VII Holdings, LLC      100   

DDR-SAU Retail Fund, L.L.C.

   Developer’s Diversified Realty      20   

DDR-SAU Retail Fund, L.L.C.

   Special Account-U, L.P.      80   

DDRTC Alexander Place LLC

   DDRTC Holdings Pool 5 LLC      100   

DDRTC Amity Square LLC

   DDR TC LLC      15   

DDRTC Amity Square LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      85   

DDRTC Bellevue Place LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Birkdale Village LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Columbiana Station I LLC

   DDRTC Holdings Pool 6 LLC      100   

DDRTC Columbiana Station II LLC

   DDRTC Holdings Pool 2 LLC      100   

DDRTC Core Retail Fund, LLC

   DDR TC LLC      15   

DDRTC Core Retail Fund, LLC

   TREA Retail Property Portfolio 2006 LLC      85   

DDRTC CP LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Creeks at Virginia Center LLC

   DDRTC Holdings Pool 6 LLC      100   

DDRTC Cypress Trace LLC

   DDRTC Holdings Pool 6 LLC      100   

DDRTC Eisenhower Crossing LLC

   DDRTC Holdings Pool 5 LLC      100   

DDRTC Fayette Pavilion I and II LLC

   DDRTC Holdings Pool 6 LLC      100   

DDRTC Fayette Pavilion III and IV LLC

   DDRTC Holdings Pool 1 LLC      100   

DDRTC Heritage Pavilion LLC

   DDRTC Holdings Pool 6 LLC      100   

DDRTC Hillsboro Square LLC

   DDRTC Holdings Pool 5 LLC      100   

 

60


Exhibit A

 

DDRTC Holdings Pool 1 LLC

   DDRTC Core Retail Fund, LLC      100   

DDRTC Holdings Pool 2 LLC

   DDRTC Core Retail Fund, LLC      100   

DDRTC Holdings Pool 3 LLC

   DDRTC Core Retail Fund, LLC      100   

DDRTC Holdings Pool 4 LLC

   DDR TC LLC      15   

DDRTC Holdings Pool 4 LLC

   TREA Retail Property Portfolio 2006 LLC      85   

DDRTC Holdings Pool 5 LLC

   DDRTC Core Retail Fund, LLC      100   

DDRTC Holdings Pool 6 LLC

   DDRTC Core Retail Fund, LLC      100   

DDRTC Market Place LLC

   DDRTC Holdings Pool 1 LLC      100   

DDRTC Marketplace at Mill Creek LLC

   DDR TC LLC      15   

DDRTC Marketplace at Mill Creek LLC

   TREA Retail Property Portfolio 2006 LLC      85   

DDRTC Marketplace at Mill Creek LLC

   DDRTC Holdings Pool 1 LLC      100   

DDRTC McFarland Plaza LLC

   DDRTC Holdings Pool 5 LLC      100   

DDRTC Naugatuck Valley SC LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Newnan Pavilion LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Overlook at King of Prussia LLC

   DDRTC Holdings Pool 2 LLC      100   

DDRTC River Ridge LLC

   DDRTC Holdings Pool 2 LLC      100   

DDRTC Shoppes at Lake Mary LLC

   DDRTC Holidngs Pool 5 LLC      100   

DDRTC T&C LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Turkey Creek LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Village Crossing LLC

   DDRTC Holdings Pool 3 LLC      100   

DDRTC Westside Centre LLC

   DDRTC Holdings Pool 5 LLC      100   

DDRTC Winslow Bay Commons LLC

   DDRTC Holdings Pool 1 LLC      100   

 

61


Exhibit A

 

DDRTC Woodstock Square LLC

   DDRTC Holdings Pool 1 LLC      100   

Demeter Agricultural Properties II, LLC

   Ceres Agricultural Properties, LLC      100   

Demeter Agricultural Properties, LLC

   Teachers Insurance and Annuity Association of America      100   

Dionysus Properties, LLC

   Teachers Insurance and Annuity Association of America      100   

Easley Investments SP. z.o.o.

   Neptune Polish Property Venture BV      100   

ECF Italian Venture S.à r.l

   Megatrends European Holdings S.à r.l      100   

ECF Waverelygate S.à r.l

   Megatrends European Holdings S.à r.l      100   

Eko Topola Sp. z o.o.

   Ipopema 95 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (“FIZAN”)      100   

Energy Power Investment Company, LLC

   Energy Power Partners I, L.P.      9.48   

Energy Power Investment Company, LLC

   North American Sustainable Energy Fund, L.P.      90.52   

Enhanced Debt Carry (GP) S.a r.I.

   TH RE Group Holdings Limited      100   

Enhanced Debt Carry S.C.S.p

   Enhanced Debt Carry (GP) S.a r.I.      100   

Enhanced Debt Holding S.à r.l.

   TIAA Henderson Real Estate Enhanced Debt Fund SCSp-SIF      100   

Enhanced Debt Lending Limited

   TIAA Henderson Real Estate Enhanced Debt Fund SCSp-SIF      100   

Envisage Information Systems, LLC

   Teachers Insurance and Annuity Association of America      100   

EPP Renewable Energy LLC

   Energy Power Investment Company, LLC      100   

Erlangen Arcaden GmbH & Co. KG

   Erlangen Arcaden Verwaltungs GmbH      5.1   

Erlangen Arcaden GmbH & Co. KG

   TIAA Lux 5 S.a.r.l.      94.9   

Erlangen Arcaden Verwaltungs GmbH

   TIAA Lux 5 S.a.r.l.      100   

Esus Brasil Participações S. A.

   Cosan S.A. Industria E Comercio      0.01   

Esus Brasil Participações S. A.

   Janus Brasil Participacoes, S.A.      100   

EURL Olympe

   Olympe (Holding)      100   

 

62


Exhibit A

 

EURL Servin

   SARL Servin (Holding)      100   

European Cities Partnership (GP) S.à.r.l.

   TH RE Group Holdings Limited      100   

European Cities Partnership SCSp

   European Cities Partnership (GP) S.à.r.l.      100   

FCP-ASC Holdings, LLC

   Teachers Insurance and Annuity Association of America      25.193   

Five Oaks JV General Partner LLC

   Four Oaks Place LP      100   

Five Oaks Place Holdings General Partner LLC

   Five Oaks Holdings LP      100   

Five Oaks Place REIT LP

   Five Oaks Place Holdings General Partner LLC      0   

Five Oaks Place REIT LP

   Five Oaks Holdings LP      100   

Fordham Glen Apartments, LLC

   CASA Partners V Holdings, L.L.C.      100   

Forestal GTR Chile Limitada

   Global Timber SA LLC      100   

Forestal Monterrey Colombia SAS

   Pizano, S.A.      20   

Forestal Monterrey Colombia SAS

   Global Timber Spain, S.L.      80   

Forestal y Agricola Silvoligna Chile Limitada

   Renewable Timber Resources LLC      99.99   

Forestwood Apartments, LLC

   CASA Grande Investments II, LP      100   

Four Oaks JV General Partner LLC

   Four Oaks Place LP      100   

Four Oaks Place LP

   T-C Four Oaks General Partner LLC      1   

Four Oaks Place LP

   T-C Four Oaks Place LLC      50   

Four Oaks Place Operating LP

   Four Oaks REIT General Partner LLC      0   

Four Oaks Place Operating LP

   Four Oaks Place REIT LP      100   

 

63


Exhibit A

 

Four Oaks Place REIT LP

   Four Oaks JV General Partner LLC      0   

Four Oaks Place REIT LP

   Four Oaks Place LP      100   

Four Oaks Place TRS LLC

   Four Oaks Place REIT LP      100   

Four Oaks REIT General Partner LLC

   Four Oaks Place REIT LP      100   

GAP II NZ GP Limited

   TIAA-CREF Alternatives Services, LLC      100   

Glenlake Club I, LLC

   CASA Partners IV, L.P.      100   

Global AG AIV (CN) GP LLC

   TIAA Alternative Holdings, LLC      100   

Global AG II AIV GP LLC

   TIAA Alternative Holdings, LLC      100   

Global AG II FFI LLC

   TIAA-CREF Global Agriculture II LLC      100   

Global AG II US Corp.

   Global Agriculture II AIV, LP      100   

Global AG Properties Australia Pty, Ltd

   TIAA-CREF Global Agriculture LLC      100   

Global Ag Properties Australia Trust

   TIAA-CREF Global Agriculture LLC      100   

Global Ag Properties II Australia Pty Ltd.

   TIAA-CREF Global Agriculture II LLC      100   

Global Ag Properties II Australia Trust

   TIAA-CREF Global Agriculture II LLC      100   

Global Ag Properties II New Zealand Limited Partnership

   GAP II NZ GP Limited      0   

Global AG Properties II USA LLC

   Global AG II US Corp.      50   

Global AG Properties II USA LLC

   Global Agriculture II AIV (US) LLC      50   

Global AG Properties USA LLC

   Global Agriculture AIV (US) LLC      42.5   

Global AG Properties USA LLC

   Global AG US Corp.      57.5   

Global AG US Corp.

   Global Agriculture AIV (CN), LP      43.5   

Global AG US Corp.

   Global Agriculture AIV LLC      56.5   

Global Agriculture AIV (CN), LP

   Global AG AIV (CN) GP LLC      0.01   

 

64


Exhibit A

 

Global Agriculture AIV (CN), LP

   bcIMC Renewable Resource Investment Trust      49.995   

Global Agriculture AIV (CN), LP

   CDP Infrastructures Fund G.P.      49.995   

Global Agriculture AIV (US) LLC

   TIAA Global AG Special Member LLC      0   

Global Agriculture AIV (US) LLC

   TIAA Global AG Holdco LLC      98.1   

Global Agriculture AIV LLC

   TIAA Global AG Special Member LLC      0   

Global Agriculture AIV LLC

   AVWL      15.4   

Global Agriculture AIV LLC

   NPS Korea      15.4   

Global Agriculture AIV LLC

   Chaptwo S.à r.l (AP2)      69.2   

Global Agriculture II AIV (US) LLC

   TIAA Global AG II Special Member LLC      0   

Global Agriculture II AIV, LP

   TIAA Global AG II Special Member LLC      0   

Global Agriculture II AIV, LP

   Global AG II AIV GP LLC      50   

Global Agriculture II Investor Fund, LP

   TIAA-CREF Alternatives Advisors, LLC      0   

Global Investors GP II, L.L.C.

   TH Property Holdings, L.L.C.      100   

Global Investors GP IV, L.L.C.

   TH Property Holdings, L.L.C.      100   

Global Investors GP, L.L.C.

   TH Property Holdings, L.L.C.      100   

Global Timber International, LLC

   Global Timber Resources LLC      100   

Global Timber NL, B.V.

   GT Europe Cooperatief U.A.      100   

Global Timber Resources Investor Fund, LP

   GTR Special Member Holdco LLC      0   

Global Timber Resources Investor Fund, LP

   GTR Investor Fund GP LLC      50   

Global Timber Resources LLC

   Certain HNW Investors      0.525   

Global Timber Resources LLC

   Global Timber Resources Investor Fund, LP      3.741   

Global Timber Resources LLC

   The Lincoln National Life Insurance Company      3.749   

 

65


Exhibit A

 

Global Timber Resources LLC

   BAEK SICAV FIS-Timber I      4.498   

Global Timber Resources LLC

   AP2 Global Timber LLC      7.497   

Global Timber Resources LLC

   Tameside Metropolitan Borough Council as Administering Authority of the Greater Manchester Pension Fund      7.497   

Global Timber Resources LLC

   CDP Global Timber LLC      22.492   

Global Timber Resources LLC

   TIAA GTR Holdco LLC      50   

Global Timber SA LLC

   Global Timber Resources LLC      100   

Global Timber Spain, S.L.

   Global Timber International, LLC      100   

Green River PP Condominium Association, Inc.

   T-C Palomino Green River LLC      100   

GreenWood Resources Beijing Forestry Co.

   GreenWood Resources China Ltd. (HK)      100   

Greenwood Resources Brasil, Ltda.

   GreenWood Resources, Inc.      1   

Greenwood Resources Brasil, Ltda.

   GWR Property Management International, LLC      99   

GreenWood Resources Capital Management, LLC

   GreenWood Resources, Inc.      100   

GreenWood Resources Chile SA

   Carlos Sierra      5   

GreenWood Resources Chile SA

   GWR SA Ltd (BVI)      95   

GreenWood Resources China Ltd. (HK)

   GWR China Ltd. (BVI)      100   

GreenWood Resources Poland sp z.o.o.

   GWR Europe Limited      100   

GreenWood Resources, Inc.

   Cory Boswell (Non-TIAA)      0.1115   

GreenWood Resources, Inc.

   Rich Shuren (Non-TIAA)      0.1255   

GreenWood Resources, Inc.

   Carlos Sierra      0.5351   

GreenWood Resources, Inc.

   Don Rice (Non-TIAA)      0.5351   

GreenWood Resources, Inc.

   Jake Eaton (Non-TIAA)      0.5351   

GreenWood Resources, Inc.

   Marc Hiller      0.5351   

 

66


Exhibit A

 

GreenWood Resources, Inc.

   Lincoln Bach      0.8919   

GreenWood Resources, Inc.

   Hunter Brown      1.349   

GreenWood Resources, Inc.

   Brian Stanton      2.0074   

GreenWood Resources, Inc.

   Clark S. Binkley      5.671   

GreenWood Resources, Inc.

   Jeffery Lee Nuss      7.5053   

GreenWood Resources, Inc.

   Beaver Investment Holdings LLC      80   

GreenWood Tree Farm Fund, LP

   GWR-GTFF Investment, LLC      0.58   

Gresham Investment Management Asia Pte Ltd.

   Gresham Investment Management LLC      59   

Gropius KG

   Gropius GmbH      0   

Gropius KG

   Unibail-Rodamco Beteiligungs GmbH (MFI Deutschland GmbH)      0.04   

Gropius KG

   TIAA Lux 11 S.a.r.l.      0.16   

Gropius KG

   Gropius S.a.r.l.      99.8   

Gropius Passagen Verwaltungs GmbH

   Unibail-Rodamco Beteiligungs GmbH (MFI Deutschland GmbH)      20   

Gropius Passagen Verwaltungs GmbH

   TIAA Lux 11 S.a.r.l.      80   

Gropius S.a.r.l.

   Unibail-Rodamco Beteiligungs GmbH (MFI Deutschland GmbH)      20   

Gropius S.a.r.l.

   TIAA Lux 11 S.a.r.l.      80   

Growth Capital Fund I, L.P.

   Teachers Insurance and Annuity Association of America      94   

Growth Capital GP I, LLC

   Winslow Capital Management, LLC      100   

GT Europe Cooperatief U.A.

   Global Timber Resources LLC      1   

GT Europe Cooperatief U.A.

   Global Timber International, LLC      99   

GTFF GP, LLC

   GreenWood Resources, Inc.      100   

GTFF Mill Corp.

   GreenWood Tree Farm Fund, LP      100   

 

67


Exhibit A

 

GTR Brasil Participacoes Ltda.

   GT Europe Cooperatief U.A.      1   

GTR Brasil Participacoes Ltda.

   Global Timber NL, B.V.      99   

GTR Investor Fund GP LLC

   TIAA Alternative Holdings, LLC      100   

GTR Special Member Holdco LLC

   TIAA-CREF Asset Management LLC      100   

GWR China Ltd. (BVI)

   GWR International Limited      100   

GWR Europe Limited

   GWR International Limited      100   

GWR International Limited

   GreenWood Resources, Inc.      100   

GWR Property Management International, LLC

   GreenWood Resources, Inc.      100   

GWR SA Ltd (BVI)

   GWR International Limited      100   

GWR-GTFF Investment, LLC

   GreenWood Resources, Inc.      100   

Hassett Lane Vineyard, LLC

   Silverado WineGrowers, LLC      100   

Helios Brasil Participacoes, Ltda

   TIAA-CREF Global Agriculture II BR, LLC      0.01   

Helios Brasil Participacoes, Ltda

   TIAA-CREF Global Agriculture II LLC      99.99   

Henderson Administration Services Limited

   TH RE Group Holdings Limited      100   

Henderson Asia Pacific Indirect Property Fund Management S.a.r.l.

   TH RE AIFM Group Limited      100   

Henderson Beteiligung Verwaltungs GmbH

   TH RE Group Holdings Limited      100   

Henderson CLOF II (GP) Limited

   TH RE Group Holdings Limited      100   

Henderson CLOF II (No 1 GP) Limited

   TH RE Group Holdings Limited      100   

Henderson CLOF II (No 2 GP) Limited

   TH RE Group Holdings Limited      100   

Henderson CLOF II (No 3 GP) Limited

   TH RE Group Holdings Limited      100   

Henderson CLOF II Partnership LP

   AIMCO (FREP 1 (General) Ltd)      6   

Henderson CLOF II Partnership LP

   AIMCO (FREP 1 PX General Ltd)      6   

 

68


Exhibit A

 

Henderson CLOF II Partnership LP

   CLOF II JPUT      6   

Henderson CLOF II Partnership LP

   Elo Mutual Pension Insurance Company      6   

Henderson CLOF II Partnership LP

   Henderson Property UK AIFM Limited      6   

Henderson CLOF II Partnership LP

   T-C Lux Investments GP S.a r.l.      6   

Henderson CLOF II Vanquish Limited

   Henderson CLOF II (GP) Limited      100   

Henderson European Retail Property Fund Management S.a.r.l.

   Henderson Global Investors (International Holdings) B.V      15.6   

Henderson European Retail Property Fund Management S.a.r.l.

   TH RE AIFM Group Limited      84.4   

Henderson Funds Management (Jersey) Limited

   TH RE AIFM Group Limited      100   

Henderson Funds Management Vanquish (Jersey) Limited

   Henderson Funds Management (Jersey) Limited      100   

Henderson Funds Management Vanquish II (Jersey) Limited

   Henderson Funds Management (Jersey) Limited      100   

Henderson Global Investors Immobilien Austria GmbH

   Wiener Stadtische (Non-TIAA)      35   

Henderson Global Investors Immobilien Austria GmbH

   TH RE Group Holdings Limited      65   

Henderson Global Investors Property (No.2) Limited

   HGI Immobilien GmbH      100   

Henderson Global Property (No.2) Limited

   HGI Immobilien GmbH      100   

Henderson Indirect Property Fund (Europe) Management S.a.r.l.

   TH RE AIFM Group Limited      100   

Henderson Joint Ventures Property Funds Management S.a.r.l.

   TH RE Group Holdings Limited      100   

Henderson Matador LP General Partner Limited

   TH RE Group Holdings Limited      100   

Henderson OMP (GP) Limited

   TH RE Group Holdings Limited      100   

Henderson Property Management (Jersey) Limited

   TH RE AIFM Group Limited      100   

Henderson Property Management Company (Luxembourg) No 1 S.à r.l

   Henderson Holdings Group B.V. (Non-TIAA)      5.1   

Henderson Property Management Company (Luxembourg) No 1 S.à r.l

   TH RE AIFM Group Limited      94.9   

Henderson Property Nominees Limited

   TH RE Group Holdings Limited      100   

 

69


Exhibit A

 

Henderson Property UK AIFM Limited

   TH RE AIFM Group Limited      100   

Henderson Real Estate Asset Management Limited

   TH RE FCACO Limited      100   

Henderson Real Estate Singapore Private Limited

   TH RE Group Holdings Limited      100   

Henderson Shopping Centre Verwaltungs GmbH

   Henderson Real Estate Asset Management Limited      100   

Henderson UK OM (LP1) (GP) Limited

   TH RE Group Holdings Limited      100   

Henderson UK OM (LP1) Limited

   Henderson UK OM (LP1) (GP) Limited      100   

Henderson UK OM (LP2) (GP) Limited

   TH RE Group Holdings Limited      100   

Henderson UK OM (LP2) Limited

   Henderson UK OM (LP2) (GP) Limited      100   

Henderson UK OM (LP3) (GP) Limited

   TH RE Group Holdings Limited      100   

Henderson UK OM (LP3) Limited

   Henderson UK OM (LP3) (GP) Limited      100   

Henderson UK Outlet Mall Partnership, LP

   HGI OMP UK Limited (Non-TIAA)      100   

HGI Immobilien GmbH

   R&V Lebensversicherung AG      50   

HGI Immobilien GmbH

   TH RE Group Holdings Limited      50   

Hobson Avenue Vineyard, LLC

   Silverado Premium Properties, LLC      100   

HPF-GLB Fund II, LLC

   GLB HA II, LLC (Non-TIAA)      25   

HPF-GLB Fund II, LLC

   NA Property Fund Holdings, L.L.C.      75   

HSCF Exeter (Jersey) Limited

   Non-TIAA 3rd Party LPs      100   

HSCF Feeder (Jersey) Limited

   Non-TIAA 3rd Party LPs      100   

HV Freehold S.à r.l

   HV Properties S.à r.l      100   

HV Properties S.à r.l

   Cityhold Sterling S.à r.l      100   

I 595 Toll Road, LLC

   TIAA Infrastructure Investments, LLC      100   

IAI Australia Fund II Pty, Ltd

   International Agricultural Investors Fund II, LLC      100   

 

70


Exhibit A

 

IAI Australia Fund II Trust

   International Agricultural Investors Fund II, LLC      100   

IAI Australia Pty, Ltd

   International Agricultural Investors, LLC      100   

IAI Australia Trust

   International Agricultural Investors, LLC      100   

IAI USA Fund II, LLC

   International Agricultural Investors Fund II, LLC      100   

IAI USA, LLC

   International Agricultural Investors, LLC      100   

Inception GP LLC

   Teachers Insurance and Annuity Association of America      100   

Inception Partners III, LP

   Inception GP LLC      0   

Inception Partners III, LP

   Teachers Insurance and Annuity Association of America      100   

Inception Partners IV, LP

   Inception GP LLC      0   

Inception Partners IV, LP

   Teachers Insurance and Annuity Association of America      49   

Inception Partners V, LP

   Inception GP LLC      0   

Inception Partners V, LP

   Teachers Insurance and Annuity Association of America      49   

Infra Alpha LLC

   Teachers Insurance and Annuity Association of America      100   

Innesbrook Apartments, LLC

   CASA Partners V Holdings, L.L.C.      100   

International Agricultural Investors Fund II, LLC

   Helgram Investments, LLC      0.132   

International Agricultural Investors Fund II, LLC

   Cozad Asset Management, Inc.      0.143   

International Agricultural Investors Fund II, LLC

   Global Agricultural Partners, Inc.      0.7151   

International Agricultural Investors Fund II, LLC

   Ceres Agricultural Properties, LLC      99.0099   

International Agricultural Investors, LLC

   Helgram Investments, LLC      0.0992   

International Agricultural Investors, LLC

   Cozad Asset Management, Inc.      0.1103   

International Agricultural Investors, LLC

   Global Agricultural Partners, Inc.      0.5513   

International Agricultural Investors, LLC

   Ceres Agricultural Properties, LLC      99.2392   

 

71


Exhibit A

 

International Agricultural Management, LLC

   Helgram Investments, LLC      50   

International Agricultural Management, LLC

   Westchester Group Investment Management, Inc.      50   

Investmenti Commerciali Meraville S.r.l.

   T-C Meraville S.r.l.      100   

IPOPEMA 87 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych

   Renewable Timber Resources LLC      1   

IPOPEMA 87 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych

   Renewable Timber Europe, LLC      99   

Ipopema 95 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych (“FIZAN”)

   Global Timber International, LLC      100   

Iris Brasil Participacoes Ltda.

   TIAA-CREF Global Agriculture II BR, LLC      0.01   

Iris Brasil Participacoes Ltda.

   Helios Brasil Participacoes, Ltda      99.99   

Islazul Centro Comercial S.L

   Islazul HoldCo S.L      100   

Islazul General Partner S.à.r.l.

   TH RE Group Holdings Limited      100   

Islazul HoldCo S.L

   Islazul Joint Venture S.à r.l.      100   

Islazul Joint Venture Feeder Société en Commandite Spéciale

   Teachers Insurance and Annuity Association of America      5   

Islazul Joint Venture Feeder Société en Commandite Spéciale

   Islazul General Partner S.à.r.l.      95   

Islazul Joint Venture S.à r.l.

   Islazul Joint Venture Feeder Société en Commandite Spéciale      100   

Janus Brasil Participacoes, S.A.

   Radar Propriedades Agricolas SA      5.55   

Janus Brasil Participacoes, S.A.

   Iris Brasil Participacoes Ltda.      49   

Janus Brasil Participacoes, S.A.

   Cosan S.A. Industria E Comercio      51   

Janus Brasil Participacoes, S.A.

   Helios Brasil Participacoes, Ltda      94.45   

Jatobá Propriedades Agrícolas Ltda.

   Cosan S.A. Industria E Comercio      0.01   

Jatobá Propriedades Agrícolas Ltda.

   Janus Brasil Participacoes, S.A.      99.99   

Jequitibá Propriedades Agrícolas Ltda

   Cosan S.A. Industria E Comercio      0.01   

 

72


Exhibit A

 

Jequitibá Propriedades Agrícolas Ltda

   Janus Brasil Participacoes, S.A.      99.99   

JWL Properties, Inc.

   485 Properties, LLC      100   

Kaspick & Company, LLC

   TIAA-CREF Redwood, LLC      100   

KS Freehold S.à r.l

   Cityhold Sterling S.à r.l      100   

KS Leasehold S.à r.l

   Cityhold Sterling S.à r.l      100   

L&C Log Co, LLC

   Lewis & Clark Timberlands, LLC      100   

L&C Special Member Holdco, LLC

   TIAA-CREF Asset Management LLC      100   

L&C Tree Farms, LLC

   Lewis & Clark Timberlands, LLC      100   

L&C TRS LLC

   L&C Tree Farms, LLC      100   

Laney Directional Drilling (Texas), LLC

   Laney Directional Drilling Co.      100   

Laney Directional Drilling Co.

   LDD Acquisition Corp      100   

Laney Directional Drilling do Brasil Perfuracoes LTDA

   Laney Directional Drilling (Texas), LLC      0.01   

Laney Directional Drilling do Brasil Perfuracoes LTDA

   Laney Directional Drilling Co.      99.99   

Lewis & Clark Timberlands, LLC

   Teachers Insurance and Annuity Association of America      100   

Light Street Partners, LLP

   Teachers REA, LLC      10   

Light Street Partners, LLP

   Teachers REA II, LLC      90   

Loma del Rio Vineyards LLC

   Premiere Agricultural Properties, LLC      45   

Loma del Rio Vineyards LLC

   Global AG Properties USA LLC      55   

Loma Verde, LLC

   Silverado Premium Properties, LLC      100   

London Belgrave Unit Trust

   Cityhold UK Investment S.à r.l      0.23   

London Belgrave Unit Trust

   Cityhold UK Holding S.à r.l      99.77   

Lower Columbia Tree Farm, LLC

   GreenWood Tree Farm Fund, LP      100   

 

73


Exhibit A

 

Madison Dell Ranch Apartments, LLC

   CASA Grande Investments I, LLC      100   

Mandala Food Co-Investment Holdings II SPV

   Occator Agricultural Properties, LLC      100   

Mansilla Participacoes Ltda

   Demeter Agricultural Properties, LLC      0.1   

Mansilla Participacoes Ltda

   Teachers Insurance and Annuity Association of America      99.9   

Mansion Apartments, LLC

   CASA Partners IV, L.P.      100   

Marsino Vineyard, LLC

   Silverado Premium Properties, LLC      100   

McCommas Bluff Holdings LLC

   North American Sustainable Energy Fund, L.P.      36.9   

McCommas Bluff Holdings LLC

   Energy Power Partners I, L.P.      63.1   

MDR L&M Apartments, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

Megatrends European Holdings S.à r.l

   European Cities Partnership SCSp      100   

Merseylink (Finance) Limited

   Merseylink (Holdings) Limited      100   

Merseylink (Holdings) Limited

   FCC Mersey Gateway Limited      25   

Merseylink (Holdings) Limited

   MG Bridge Investments Ltd (BBGI Entity)      37.5   

Merseylink (Holdings) Limited

   Wigg Investments Limited      37.5   

Merseylink (Issuer) PLC

   Merseylink (Finance) Limited      100   

Merseylink Limited

   Merseylink (Finance) Limited      100   

Metro Centre Office Park, L.L.C.

   NA Property Fund Holdings, L.L.C.      100   

Mima Investor Member LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

ML CASA II Management, LLC

   CASA Grande Investments II, LP      100   

 

74


Exhibit A

 

ML CASA II, L.P.

   ML CASA II Management, LLC      0.1   

ML CASA II, L.P.

   CASA Grande Investments II, LP      99.9   

ML CASA III Management, LLC

   Global Investors GP, L.L.C.      0   

ML CASA III Management, LLC

   CASA Partners III, L.P.      100   

ML CASA III, L.P.

   ML CASA III Management, LLC      0.1   

ML CASA III, L.P.

   CASA Partners III, L.P.      99.9   

ML CASA IV Management, LLC

   Global Investors GP, L.L.C.      0   

ML CASA IV Management, LLC

   CASA Partners IV, L.P.      100   

ML CASA IV, L.P.

   ML CASA IV Management, LLC      0.1   

ML CASA IV, L.P.

   CASA Partners IV, L.P.      99.9   

ML CASA V Management, LLC

   Global Investors GP II, L.L.C.      0   

ML CASA V Management, LLC

   CASA Partners V Holdings, L.L.C.      100   

ML CASA V, L.P.

   ML CASA V Management, LLC      0   

ML CASA V, L.P.

   CASA Partners V Holdings, L.L.C.      100   

ML CASA VI Management, LLC

   CASA Partners VI GP, LLC      0   

ML CASA VI Management, LLC

   CASA Partners VI Holdings, LLC      100   

ML CASA VI, LP

   ML CASA VI Management, LLC      0   

ML CASA VI, LP

   CASA Partners VI Holdings, LLC      100   

ML CASA VII Management, LLC

   CASA Partners VII Holdings, LLC      100   

 

75


Exhibit A

 

ML CASA VII, LP

   ML CASA VII Management, LLC      0.01   

ML CASA VII, LP

   CASA Partners VII Holdings, LLC      99.99   

MLVI Boca Vista Apartments, LLC

   ML CASA VI, LP      100   

MLVI Martha’s Vineyard Apartments, LLC

   ML CASA VI, LP      100   

MLVI Park Lake Apartments, LLC

   ML CASA VI, LP      100   

MLVI Paseo Apartments, LLC

   ML CASA VI, LP      100   

MLVI Pointe At Crabtree Apartments, LLC

   ML CASA VI, LP      100   

MLVI Symphony Place Apartments, LLC

   ML CASA VI, LP      100   

MMSL Access GP, LLC

   Nuveen Alternative Investments, LLC      100   

Monterrey Forestal GWR SAS

   GreenWood Resources, Inc.      100   

Montgomery Street CLO Debt Fund LLC

   Neil L. Rudolph      0   

Municipal Cash Portfolio LLC

   Nuveen Asset Management, LLC      0   

MyVest Corporation

   Teachers Insurance and Annuity Association of America      100   

NA Property Fund Holdings, L.L.C.

   GLB HA II, LLC (Non-TIAA)      25   

NA Property Fund Holdings, L.L.C.

   North American Property Fund, L.P.      75   

ND 70SMA LLC

   ND Properties, Inc.      100   

ND Europe Office Holding S.à r.l

   ND Europe S.a.r.l.      100   

ND Europe S.a.r.l.

   ND Properties, Inc.      100   

ND Festival Place LLC

   ND Properties, Inc.      100   

ND Properties, Inc.

   Teachers Insurance and Annuity Association of America      100   

Neptune Annopol SP Zo.o.

   Neptune Polish Property Venture BV      100   

Neptune Holding Spain, S.L.

   Neptune Property Venture S.à r.l.      100   

 

76


Exhibit A

 

Neptune Krakow SP Z .O.O.

  

Neptune Polish Property Venture BV

     100   

Neptune OPCI

  

Neptune Property Venture S.à r.l.

     100   

Neptune Polish Property Venture BV

  

Neptune Property Venture S.à r.l.

     100   

Neptune Property Venture S.à r.l.

  

Neinver Nemab S.à r.l (Lu)

     50   

Neptune Property Venture S.à r.l.

  

T-C Neptune Holdings S.à r.l.

     50   

Neptune Roppenheim 1 S.à r.l.

  

Neptune Property Venture S.à r.l.

     100   

Neptune Roppenheim 2 S.à r.l.

  

Neptune Property Venture S.à r.l.

     100   

Neptune Roppenheim Holding S.à r.l

  

Neptune Property Venture S.à r.l.

     100   

New Fetter Lane Unit Trust

  

Cityhold UK Investment S.à r.l

     0.1   

New Fetter Lane Unit Trust

  

Cityhold UK Holding S.à r.l

     99.9   

NGC-Pilot Investments, LLC

  

Narrow Gauge Capital GP, LLC (Non-TIAA)

     3.2   

NGC-Pilot Investments, LLC

  

Siguler Guff Pilot Holdings, LLC (Non-TIAA)

     48.4   

NGC-Pilot Investments, LLC

  

Teachers Insurance and Annuity Association of America

     48.4   

Nightingale LuxCo S.à r.l.

  

T-C Europe S.à.r.l.

     100   

Norteshopping Centro Comercial S.A. Portuguese SA

  

Norteshopping Retail & Leisure B.V.

     100   

Norteshopping Retail & Leisure B.V.

  

ND Properties, Inc.

     50   

Norteshopping Retail & Leisure B.V.

  

Sierra European Retail Real Estate Assets Holdings B.V.

     50   

North American Property Fund, L.P.

  

Global Investors GP IV, L.L.C.

     0.0001   

North American Property Fund, L.P.

  

Phoenix Life Insurance Company

     9.62481   

North American Property Fund, L.P.

  

Utah State Retirement Investment Fund - Non TIAA

     90.37519   

North American Sustainable Energy Fund, L.P.

  

North American Sustainable Energy GP, LLC

     0.1   

North American Sustainable Energy Fund, L.P.

  

TIAA Infrastructure Investments, LLC

     99.9   

 

77


Exhibit A

 

North American Sustainable Energy GP, LLC

  

TIAA Infrastructure Investments, LLC

     99.9   

North American Sustainable Energy Manager, LLC

  

TIAA Infrastructure Investments, LLC

     100   

Nova Agricola Ponte Alta S.A.

  

Cosan S.A. Industria E Comercio

     0.01   

Nova Agricola Ponte Alta S.A.

  

Radar Propriedades Agricolas SA

     99.99   

Nova Amaralina S.A. Propriedades Agrícolas

  

Cosan S.A. Industria E Comercio

     0.01   

Nova Amaralina S.A. Propriedades Agrícolas

  

Radar Propriedades Agricolas SA

     99.99   

Nova Gaia Brasil Participaco Ltda.

  

TIAA-CREF Global Agriculture BR, LLC

     0.01   

Nova Gaia Brasil Participaco Ltda.

  

TIAA-CREF Global Agriculture LLC

     99.99   

Nova Ibiajara Propriedades Agrícolas S.A.

  

Cosan S.A. Industria E Comercio

     0.001   

Nova Ibiajara Propriedades Agrícolas S.A.

  

Tellus Brasil Participações S.A.

     99.999   

Nova Santa Barbara Agrícola S.A.

  

Cosan S.A. Industria E Comercio

     0.01   

Nova Santa Barbara Agrícola S.A.

  

Radar Propriedades Agricolas SA

     100   

Nova Star Oil and Gas Inc.

  

Polar Star Canadian Oil and Gas Holding, Inc.

     100   

NRFC Inception II, LP

  

Teachers Insurance and Annuity Association of America

     49   

NRFC Inception, LP

  

Teachers Insurance and Annuity Association of America

     49   

Nuveen Alternative Investments, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Asset Management, LLC

  

Nuveen Fund Advisors, LLC

     100   

Nuveen Commodities Asset Management, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Diversified Commodity Fund

  

Nuveen Commodities Asset Management, LLC

     0.01   

Nuveen Fund Advisors, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Global Investments Holdings, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Global Investments Ltd

  

Nuveen Global Investments Holdings, LLC

     100   

 

78


Exhibit A

 

Nuveen Global Investors Funds PLC

  

Nuveen Controlled Board of Directors

     11   

Nuveen Holdings 1, Inc.

  

TIAA Asset Management Finance Company, LLC

     100   

Nuveen Holdings 1, Inc.

  

TIAA Asset Management Finance Company, LLC

     100   

Nuveen Holdings, Inc.

  

TIAA Asset Management Finance Company, LLC

     100   

Nuveen Investments Advisers, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Investments Canada Co.

  

Nuveen Investments Holdings, Inc.

     100   

Nuveen Investments Holdings, Inc.

  

Nuveen Investments, Inc.

     100   

Nuveen Investments, Inc.

  

Nuveen Holdings, Inc.

     100   

Nuveen Long/Short Commodity Total Return Fund

  

Nuveen Commodities Asset Management, LLC

     0   

Nuveen NWQ Holdings, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen Tradewinds Holdings, LLC

  

Nuveen Investments, Inc.

     100   

Nuveen WCM Holdings, LLC

  

Nuveen Investments, Inc.

     100   

NWQ Investment Management Company, LLC

  

Nuveen NWQ Holdings, LLC

     100   

NWQ Partners, LLC

  

Nuveen NWQ Holdings, LLC

     100   

Oak Knoll Napa Vineyards, LLC

  

Silverado WineGrowers, LLC

     100   

Oakville 38 Vineyard, LLC

  

Global AG Properties II USA LLC

     100   

Occator Agricultural Properties, LLC

  

Teachers Insurance and Annuity Association of America

     100   

Oleum Holding Company, Inc.

  

Teachers Insurance and Annuity Association of America

     100   

Olympe (Holding)

  

Bruyeres I SAS

     100   

One Boston Place LLC

  

One Boston Place Real Estate Investment Trust

     100   

One Boston Place Real Estate Investment Trust

  

SITQ BST REIT, LP

     49.75   

One Boston Place Real Estate Investment Trust

  

Teachers Insurance and Annuity Association of America

     50.25   

 

79


Exhibit A

 

Overlook At Woodholme Apartments, LLC

  

CASA Partners VI Holdings, LLC

     100   

Overture 7 Fund, L.P.

  

Symphony Asset Management LLC

     45.51   

Owings Park Apartments, LLC

  

CASA Partners V Holdings, L.L.C.

     100   

Paddington Central III Unit Trust

  

Cityhold Participations S.à r.l

     0.256   

Paddington Central III Unit Trust

  

KS Freehold S.à r.l

     99.744   

Pan-European Logistics Venture SCSp

  

TH Real Estate PELV GP S.à r.l

     0.001   

Pan-European Logistics Venture SCSp

  

Non-TIAA 3rd Party LPs

     99.999   

Park At City West Apartments, LLC

  

CASA Partners V Holdings, L.L.C.

     100   

Park At Winterset Apartments Funding, LLC

  

CASA Partners V Holdings, L.L.C.

     100   

Park At Winterset Apartments, LLC

  

Park At Winterset Apartments Funding, LLC

     100   

Pelican Cove Apartment Homes, LLC

  

CASA Partners III, L.P.

     100   

PELV Alovera S. L.

  

PELV Spain Holdings S. L.

     100   

PELV Amiens

  

PELV OPCI

     0.001   

PELV Amiens

  

PELV France

     99.999   

PELV Bruyeres

  

PELV OPCI

     0.001   

PELV Bruyeres

  

PELV France

     99.999   

PELV BV

  

PELV Holdings S.à r.l

     100   

PELV CV

  

PELV BV

     0.001   

PELV CV

  

Pan-European Logistics Venture SCSp

     99.999   

PELV France

  

PELV France Holdings S.à r.l

     0.001   

PELV France

  

PELV OPCI

     99.999   

PELV France Holdings S.à r.l

  

PELV Holdings S.à r.l

     100   

 

80


Exhibit A

 

PELV Germany Holdings S.à r.l

  

PELV Holdings S.à r.l

     100   

PELV Holdings S.à r.l

  

Pan-European Logistic Venture (Non-TIAA)

     100   

PELV Lagny

  

PELV OPCI

     0.001   

PELV Lagny

  

PELV France

     99.999   

PELV OPCI

  

PELV France Holdings S.à r.l

     100   

PELV Spain Holdings S. L.

  

PELV Holdings S.à r.l

     100   

PELV Villabe

  

PELV OPCI

     0.001   

PELV Villabe

  

PELV France

     99.999   

Pennmuni-TIAA U.S. Real Estate Fund, LLC

  

T-C SMA 2, LLC

     20   

Pennmuni-TIAA U.S. Real Estate Fund, LLC

  

Pennsylvania Municipal Retirement System

     80   

Pepper Building Associates LP

  

T-C Pepper Building GP LLC

     0.1   

Pepper Building Associates LP

  

Teachers Insurance and Annuity Association of America

     99.9   

Pine Tree-SAU Retail Fund, L.L.C.

  

Pine Tree-SAU Investor 1, L.L.C.

     5   

Pine Tree-SAU Retail Fund, L.L.C.

  

Special Account-U, L.P.

     95   

Plata Wine Partners, LLC

  

Plata Managers LLC

     10   

Plata Wine Partners, LLC

  

Plata Advisors LLC

     45   

Plata Wine Partners, LLC

  

The Plata Wine Partners Trust

     45   

Polar Star Canadian Oil and Gas Holding, Inc.

  

Oleum Holding Company, Inc.

     100   

Polar Star Canadian Oil and Gas, Inc.

  

Polar Star Canadian Oil and Gas Holding, Inc.

     100   

Prairie Point Complex, L.L.C.

  

NA Property Fund Holdings, L.L.C.

     100   

Premiere Agricultural Management International, LLC

  

Helgram Investments, LLC

     13.3333   

Premiere Agricultural Management International, LLC

  

Westchester Group Investment Management, Inc.

     86.6667   

 

81


Exhibit A

 

Premiere Agricultural Properties, LLC

  

Ceres Agricultural Properties, LLC

     100   

Premiere Columbia Properties, LLC

  

Ceres Agricultural Properties, LLC

     100   

Premiere Farm Properties, LLC

  

Ceres Agricultural Properties, LLC

     100   

Promcat Alternativa, S.L.

  

Neptune Holding Spain, S.L.

     100   

Proud Participações S.A.

  

Cosan S.A. Industria E Comercio

     0.01   

Proud Participações S.A.

  

Radar II Propriedades Agrícolas S.A.

     100   

Provence 110

  

REA Europe S.a.r.l.

     100   

Quercus Algoma Corporation

  

Quercus Forestland Account, LLC

     100   

Quercus Algoma Land Corporation

  

Quercus Algoma Corporation

     100   

Quercus Forestland Account, LLC

  

Quercus Forestland Advisors, LLC

     1   

Quercus Forestland Account, LLC

  

Broadleaf Timberland Investments, LLC

     99   

Quercus Panama LLC

  

Quercus Forestland Account, LLC

     100   

Quercus West Virginia LLC

  

Quercus Forestland Account, LLC

     100   

Radar II Propriedades Agrícolas S.A.

  

Mansilla Participacoes Ltda

     34.95   

Radar II Propriedades Agrícolas S.A.

  

Cosan S.A. Industria E Comercio

     60.05   

Radar Propriedades Agricolas SA

  

Radar II Propriedades Agrícolas S.A.

     15.31   

Radar Propriedades Agricolas SA

  

Cosan S.A. Industria E Comercio

     18.92   

Radar Propriedades Agricolas SA

  

Mansilla Participacoes Ltda

     65.77   

Red Canyon PP Condominium Association, Inc.

  

T-C Palomino Red Canyon LLC

     100   

Regency Dell Ranch Apartments, LLC

  

CASA Grande Investments I, LLC

     100   

Renaissance Plaza Castle, LLC

  

Castle-Renaissance, LLC

     100   

Renewable Timber Europe, LLC

  

Teachers Insurance and Annuity Association of America

     100   

 

82


Exhibit A

 

Renewable Timber Netherlands B.V.

  

Renewable Timber Europe, LLC

     100   

Renewable Timber Resources LLC

  

Teachers Insurance and Annuity Association of America

     100   

Retail Housing IDF, LLC

  

AGL Life Assurance Company Separate Account GVA 5 (Non TIAA)

     100   

RGM 42, L.L.C.

  

Mima Investor Member LLC

     70   

Rhapsody Fund, L.P.

  

Symphony Asset Management LLC

     0.47   

Rittenhouse Apartments, LLC

  

CASA Partners IV, L.P.

     100   

River Oaks Apartments, LLC

  

CASA Partners VI Holdings, LLC

     100   

Rodgers Creek Vineyard LLC

  

Silverado WineGrowers, LLC

     100   

Roosevelt Participation S.à r.l

  

Cityhold Office Partnership S.à r.l

     100   

Roppenheim Holding SAS

  

Neptune OPCI

     100   

Roppenheim Outlet SNC

  

Neptune Roppenheim Holding S.à r.l

     0.01   

Roppenheim Outlet SNC

  

Roppenheim Holding SAS

     99.99   

Rue de L’Universite 154

  

Cityhold Office Partnership S.à r.l

     100   

Runaway Bay, LLC

  

CASA Partners IV, L.P.

     100   

Samambaia Propriedades Agrícolas Ltda

  

Cosan S.A. Industria E Comercio

     0.01   

Samambaia Propriedades Agrícolas Ltda

  

Janus Brasil Participacoes, S.A.

     99.99   

San Regis, LLC

  

CASA Partners III, L.P.

     100   

Santa Barbara Asset Management, LLC

  

Nuveen Investments, Inc.

     100   

Santa Fe Ranch, LLC

  

CASA Grande Investments II, LP

     100   

 

83


Exhibit A

 

SARL Des Brateaux

  

Villabe SAS

     100   

SARL Servin (Holding)

  

Bruyeres II SAS

     100   

SAS Malachite

  

TIAA Lux 9 S.a.r.l.

     100   

SAS Roosevelt

  

Cityhold Office Partnership S.à r.l

     100   

ScanTech Sciences, Inc.

  

Occator Agricultural Properties, LLC

     12.5   

Seneca Industrial Holdings, LLC

  

Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account

     100   

SHF-33D North Apts, LLC

  

CASA Student Housing Fund Holdings, LLC

     100   

SHF-Millennium One Apts, LLC

  

CASA Student Housing Fund Holdings, LLC

     100   

SHF-The Rocks Apts, LLC

  

CASA Student Housing Fund Holdings, LLC

     100   

Silk Road Holdings Pte. Ltd.

  

China Designer Outlet Mall SA

     7.5   

Silverado Gonzales Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Los Alamos Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Monterey Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Premium Properties, LLC

  

Dionysus Properties, LLC

     100   

Silverado SLO Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Sonoma Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Suscol, LLC

  

Silverado WineGrowers, LLC

     100   

Silverado Sweetwater Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Silverado Winegrowers Holdings, LLC

  

Dionysus Properties, LLC

     100   

Silverado WineGrowers, LLC

  

Silverado Winegrowers Holdings, LLC

     100   

Silverhill Winchester 1 Limited

  

Winchester Silverhill Limited

     100   

Silverhill Winchester 2 Limited

  

Silverhill Winchester 1 Limited

     100   

 

84


Exhibit A

 

Silverwood Apartments, LLC

  

CASA Grande Investments II, LP

     100   

SNC Garnet-TIAA

  

TIAA Lux 9 S.a.r.l.

     0.01   

SNC Garnet-TIAA

  

SAS Malachite

     99.99   

SNC La Défense

  

TIAA Lux 9 S.a.r.l.

     0.01   

SNC La Défense

  

SAS Malachite

     99.99   

SNC Lazuli

  

TIAA Lux 9 S.a.r.l.

     0.01   

SNC Lazuli

  

SAS Malachite

     99.99   

SNC Péridot

  

TIAA Lux 9 S.a.r.l.

     0.01   

SNC Péridot

  

SAS Malachite

     99.99   

SNC Roosevelt

  

Roosevelt Participation S.à r.l

     0.01   

SNC Roosevelt

  

SAS Roosevelt

     99.99   

Social Infra, LLC

  

Teachers Insurance and Annuity Association of America

     100   

Special Account-U, L.P.

  

Global Investors GP, L.L.C.

     0.01   

Special Account-U, L.P.

  

Utah State Retirement Investment Fund - Non TIAA

     99.99   

SPP Napa Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

Springing Druid, Inc.

  

CASA Partners V Holdings, L.L.C.

     100   

SSF-1 LLC

  

Symphony Specialty Finance LLC

     46.16   

Stage Gulch Ridge Vineyard, LLC

  

Silverado WineGrowers, LLC

     100   

Stanly Ranch Vineyards, LLC

  

Silverado Premium Properties, LLC

     100   

 

85


Exhibit A

 

Stonegate Complex GP, L.L.C.

   NA Property Fund Holdings, L.L.C.      100   

Stonegate Complex, L.P.

   Stonegate Complex GP, L.L.C.      0.01   

Stonegate Complex, L.P.

   NA Property Fund Holdings, L.L.C.      99.99   

Strategic Commodities Fund, Ltd.

   Gresham Investment Management LLC      0.0099   

Strategic Commodities Fund, Ltd.

   Non-TIAA Owners      99.9901   

Sugarloaf East Vineyard, LLC

   Global AG Properties II USA LLC      100   

Sugarloaf Vineyard, LLC

   Global AG Properties USA LLC      100   

Sunpointe Cove, LLC

   CASA Grande Investments II, LP      100   

Suscol Mountain Vineyards, LLC

   Silverado Premium Properties, LLC      100   

Sweden Nova Lund 1 AB

   T-C Nordics Investment AB      100   

Sweden Nova Lund 2 AB

   T-C Nordics Investment AB      100   

SWG Delta Vineyards, LLC

   Silverado WineGrowers, LLC      100   

SWG Paso Vineyards, LLC

   Silverado WineGrowers, LLC      100   

Symphony Asset Management LLC

   Nuveen Investments Holdings, Inc.      49   

Symphony Asset Management LLC

   Nuveen Investments, Inc.      51   

Symphony CLO Opportunities Master Fund, L.P.

   Symphony Asset Management LLC      0.19   

Symphony CLO Opportunities Master Fund, L.P.

   Non-TIAA 3rd Party LPs      99.81   

Symphony Specialty Finance LLC

   Nuveen Investments, Inc.      46.16   

T-C 101 Miller Street Holding Company LLC

   Teachers Insurance and Annuity Association of America      100   

 

86


Exhibit A

 

T-C 101 Miller Street LLC

   T-C 101 Miller Street Holding Company LLC      100   

T-C 1101 Pennsylvania Avenue LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 1101 Pennsylvania Avenue Owner LLC

   Reit Shareholders      0.1   

T-C 1101 Pennsylvania Avenue Owner LLC

   T-C 1101 Pennsylvania Avenue Venture LLC      99.9   

T-C 1101 Pennsylvania Avenue Venture LLC

   NBIM Woodrow Evening Star WDC LLC      49.9   

T-C 1101 Pennsylvania Avenue Venture LLC

   T-C 1101 Pennsylvania Avenue LLC      50.1   

T-C 1500 Owens, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 1608 Chestnut General Partner LLC

   U.S. Cities Fund Operating LP      100   

T-C 1608 Chestnut Limited Partner LLC

   U.S. Cities Fund Operating LP      100   

T-C 1619 Walnut Street GP LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 2 Herald Square Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 2 Herald Square Owner LLC

   Reit Shareholders      0.1   

T-C 2 Herald Square Owner LLC

   T-C 2 Herald Square Venture LLC      99.9   

T-C 2 Herald Square Venture LLC

   NBIM Woodrow      49.9   

T-C 2 Herald Square Venture LLC

   T-C 2 Herald Square Member LLC      50.1   

T-C 20 Hunter Street (AUS) Pty Ltd

   Teachers Insurance and Annuity Association of America      100   

T-C 20 Hunter Street (AUS) Trust

   T-C 20 Hunter Street (US) LLC      100   

T-C 20 Hunter Street (US) LLC

   Teachers Insurance and Annuity Association of America      100   

T-C 200 Milik Street LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 200 W 72nd Street LLC

   T-C SP, Inc.      0   

T-C 200 W 72nd Street LLC

   Teachers REA, LLC      100   

T-C 225 Binney, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

 

87


Exhibit A

 

T-C 2300 Broadway LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 33 Arch Street LLC

   Reit Shareholders      0.1   

T-C 33 Arch Street LLC

   T-C 33 Arch Street Venture LLC      99.9   

T-C 33 Arch Street Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 33 Arch Street Venture LLC

   NBIM Woodrow 33 Arch St Bos LLC      49.9   

T-C 33 Arch Street Venture LLC

   T-C 33 Arch Street Member LLC      50.1   

T-C 3333 Wisconsin Avenue, LLC

   U.S. Cities Fund Operating LP      100   

T-C 40 Broad Street LLC

   U.S. Cities Fund Operating LP      100   

T-C 400 Montgomery, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C 401 West 14th Street Member LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 425 Park Avenue LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 430 West 15th Street LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 470 Park Avenue South Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 470 Park Avenue South Owner LLC

   Reit Shareholders      0.1   

T-C 470 Park Avenue South Owner LLC

   T-C 470 Park Avenue South Venture LLC      99.9   

T-C 470 Park Avenue South Venture LLC

   NBIM Woodrow 470 PAS NYC LLC      49.9   

T-C 470 Park Avenue South Venture LLC

   T-C 470 Park Avenue South Member LLC      50.01   

T-C 475 Fifth Avenue LLC

   Reit Shareholders      0.1   

T-C 475 Fifth Avenue LLC

   T-C 475 Fifth Avenue Venture LLC      99.9   

T-C 475 Fifth Avenue Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 475 Fifth Avenue Venture LLC

   NBIM Woodrow 475 Fifth Ave NYC LLC      49.9   

T-C 475 Fifth Avenue Venture LLC

   T-C 475 Fifth Avenue Member LLC      50.1   

 

88


Exhibit A

 

T-C 4th & Madison LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 501 Boylston Street LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 51 Sleeper Street LLC

   U.S. Cities Fund Operating LP      100   

T-C 526 Route 46 LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C 55 Second Street, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 636 Sixth Avenue Retail LLC

   U.S. Cities Fund Operating LP      100   

T-C 680 Belleville LLC

   TIAA Realty, LLC      100   

T-C 685 Third Avenue LLC

   T-C 685 Third Avenue Venture LLC      100   

T-C 685 Third Avenue Member LLC

   Teachers Insurance and Annuity Association of America      100   

T-C 685 Third Avenue Venture LLC

   The Future Fund Board of Guardians as Beneficial Investor      49.99   

T-C 685 Third Avenue Venture LLC

   T-C 685 Third Avenue Member LLC      50.01   

T-C 699 Bourke Street LLC

   Teachers Insurance and Annuity Association of America      100   

T-C 701 Brickell LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C 77 Central LLC

   Teachers Insurance and Annuity Association of America      100   

T-C 780 Third Avenue Member LLC

   Teachers REA, LLC      100   

T-C 780 Third Avenue Owner LLC

   T-C 780 Third Avenue Member LLC      100   

T-C 800 17th Street NW Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C 800 17th Street NW Owner LLC

   125 REIT Preferred Members      0.1   

T-C 800 17th Street NW Owner LLC

   T-C 800 17th Street NW Venture LLC      99.9   

T-C 800 17th Street NW Venture LLC

   NBIM Woodrow      49.9   

T-C 800 17th Street NW Venture LLC

   T-C 800 17th Street NW Member LLC      50.1   

T-C 888 Brannan Member LLC

   T-C GA Real Estate Holdings LLC      100   

 

89


Exhibit A

 

T-C 888 Brannan Owner LLC

   T-C 888 Brannan Venture LLC      100   

T-C 888 Brannan TRS LLC

   T-C 888 Brannan Owner LLC      100   

T-C 888 Brannan Venture LLC

   NBIM Woodrow 888 Brannan LLC      49.9   

T-C 888 Brannan Venture LLC

   T-C 888 Brannan Member LLC      50.1   

T-C 919 N. Michigan Avenue Retail LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Ashford Meadows LLC

   T-C SP, Inc.      0   

T-C Ashford Meadows LLC

   Teachers REA, LLC      100   

T-C Ashton Judiciary LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Aspira LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Australia RE Holdings I, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Australia RE Holdings II, LLC

   T-C Australia RE Holdings I, LLC      100   

T-C Barton Springs LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Century Plaza LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Charleston Plaza, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Copley, LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Coronado LLC

   U.S. Cities Fund REIT LLC      100   

T-C Cypress Park West LLC

   U.S. Cities Fund Operating LP      100   

T-C Des Peres Corners LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Ellington, LLC

   U.S. Cities Fund Operating LP      100   

T-C Europe Holding, Inc.

   Teachers Insurance and Annuity Association of America      100   

T-C Europe S.à.r.l.

   T-C Europe, LP      100   

T-C Europe, LP

   T-C Europe Holding, Inc.      1   

 

90


Exhibit A

 

T-C Europe, LP

   Teachers Insurance and Annuity Association of America      99   

T-C Fairway Center II LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Falls Center Townhouses LLC

   U.S. Cities Fund Operating LP      100   

T-C Five Oaks LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Forum At Carlsbad LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Foundry Square II Member LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Foundry Square II Owner LLC

   Reit Shareholders      0.1   

T-C Foundry Square II Owner LLC

   T-C Foundry Square II Venture LLC      99.9   

T-C Foundry Square II Venture LLC

   NBIM Woodrow      49.9   

T-C Foundry Square II Venture LLC

   T-C Foundry Square II Member LLC      50.1   

T-C Four Oaks General Partner LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Four Oaks Place LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Franklin Square Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Franklin Square Venture LLC

   T-C Franklin Square Member LLC      50.1   

T-C GA Real Estate Holdings LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Hall of States Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Hall Of States Owner LLC

   125 REIT Preferred Members      0.1   

T-C Hall Of States Owner LLC

   T-C Hall Of States Venture LLC      99.9   

T-C Hall Of States Venture LLC

   NBIM Woodrow      49.9   

T-C Hall Of States Venture LLC

   T-C Hall of States Member LLC      50.1   

T-C H-T REIT LLC

   T-C H-T Venture LLC      100   

T-C H-T Venture LLC

   T-C HV Member LLC      51   

 

91


Exhibit A

 

T-C HV Member LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Illinois Street, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C International Plaza Investor GP LLC

   T-C International Plaza Reit LLC      100   

T-C International Plaza Investor LP LLC

   T-C International Plaza Reit LLC      100   

T-C International Plaza Reit LLC

   Reit Shareholders      0.1   

T-C International Plaza Reit LLC

   T-C Super Regional Mall Venture LLC      99.9   

T-C JK I LLC

   Teachers Insurance and Annuity Association of America      100   

T-C JK II LLC

   Teachers Insurance and Annuity Association of America      100   

T-C King Street Station LLC

   U.S. Cities Fund Operating LP      100   

T-C Kings Crossing LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Las Vegas Retail Investor LLC

   T-C Las Vegas Retail REIT LLC      100   

T-C Las Vegas Retail REIT LLC

   T-C Super Regional Mall Venture LLC      100   

T-C Legacy At Westwood LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Legacy Place Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Legend At Kierland LLC

   T-C SP, Inc.      0   

T-C Legend At Kierland LLC

   Teachers REA, LLC      100   

T-C Lux Fund Holdings LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Lux Investments GP S.a r.l.

   TH RE Group Holdings Limited      100   

T-C Lux Investments Special Limited Partnership

   T-C Lux Investments GP S.a r.l.      100   

T-C Luxembourg Neptune Holding S.à r.l.

   T-C Europe S.à r.l      100   

T-C Mass Court, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Meraville S.r.l.

   ECF Italian Venture S.à r.l      100   

 

92


Exhibit A

 

T-C Midwest REIT LLC

   Reit Shareholders      0.2   

T-C Midwest REIT LLC

   T-C Super Regional Mall Venture LLC      99.8   

T-C Midwest Retail LLC

   T-C Midwest REIT LLC      100   

T-C Montecito LLC

   T-C SP, Inc.      0   

T-C Montecito LLC

   Teachers REA, LLC      100   

T-C Montgomery Mall LLC

   T-C Montgomery Mall REIT LLC      100   

T-C Montgomery Mall REIT LLC

   Reit Shareholders      0.2   

T-C Montgomery Mall REIT LLC

   T-C Super Regional Mall Venture LLC      99.8   

T-C Mt. Ommaney Centre Holding Company LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Mt. Ommaney Centre LLC

   T-C Mt. Ommaney Centre Holding Company LLC      100   

T-C Mt. Ommaney Centre LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Neptune Holdings S.à r.l.

   T-C Luxembourg Neptune Holding S.à r.l.      100   

T-C Neuperlach Development S.a.r.l.

   SAS PIAL 34 (Non-TIAA)      49   

T-C Neuperlach Development S.a.r.l.

   ND Europe S.a.r.l.      51   

T-C Newbury Common LLC

   U.S. Cities Fund Operating LP      100   

T-C Nordics Investment AB

   Nightingale LuxCo S.à r.l.      100   

T-C Ocean Air LLC

   TCAM Core Property Fund REIT 2 LLC      100   

T-C Palatine LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Palomino Blue Ridge LLC

   T-C SP, Inc.      0   

T-C Palomino Blue Ridge LLC

   Teachers REA, LLC      100   

T-C Palomino Green River LLC

   T-C SP, Inc.      0   

T-C Palomino Green River LLC

   Teachers REA, LLC      100   

 

93


Exhibit A

 

T-C Palomino Red Canyon LLC

   T-C SP, Inc.      0   

T-C Palomino Red Canyon LLC

   Teachers REA, LLC      100   

T-C Park 19 LLC

   U.S. Cities Fund Operating LP      100   

T-C Pearl Reit 2 LLC

   T-C U.S. Super Regional Mall Fund LP      99.9   

T-C PEP Asset S.a.r.l.

   T-C PEP Holding S.à r.l      100   

T-C PEP Holding S.à r.l

   SAS PIAL 34 (Non-TIAA)      49   

T-C PEP Holding S.à r.l

   ND Europe S.a.r.l.      51   

T-C PEP Property S.a.r.l.

   T-C PEP Holding S.à r.l      100   

T-C Pepper Building GP LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Phoenician LLC

   T-C SP, Inc.      0   

T-C Phoenician LLC

   Teachers REA, LLC      100   

T-C Port Northwest Development LLC

   TIAA Realty, LLC      100   

T-C Potomac Promenade LLC

   U.S. Cities Fund Operating LP      100   

TC Rancho Cucamonga LLC

   Teachers REA, LLC      100   

T-C RDC, LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C REA 400 Fairview Investor LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Regents Court LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Republic Square Member LLC

   T-C GA Real Estate Holdings LLC      100   

T-C Republic Square Mezzanine LLC

   T-C Republic Square Reit LLC      100   

T-C Republic Square Owner LLC

   T-C Republic Square Mezzanine LLC      100   

T-C Republic Square Reit LLC

   125 REIT Preferred Members      0.01   

T-C Republic Square Reit LLC

   T-C Republic Square Venture LLC      99.9   

 

94


Exhibit A

 

T-C Republic Square Venture LLC

   T-C Republic Square Member LLC      50.1   

T-C Roosevelt Square LLC

   U.S. Cities Fund Operating LP      100   

T-C San Montego TX LLC

   T-C SP, Inc.      0   

T-C San Montego TX LLC

   Teachers REA, LLC      100   

T-C Savier Street Flats LLC

   U.S. Cities Fund Operating LP      100   

T-C SBMC Joint Venture LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Scripps Ranch LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Shoppes At Monarch Lakes LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C SMA 2, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C SMA I, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C SMA III, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Southside At Mcewen Retail LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C SP, Inc.

   Teachers REA, LLC      100   

T-C State House On Congress Apartments LLC

   U.S. Cities Fund Operating LP      100   

T-C Stonecrest LLC

   U.S. Cities Fund Operating LP      100   

T-C Super Regional Mall Venture LLC

   Starllam, LLC      49.98689   

T-C Super Regional Mall Venture LLC

   TIAA Super Regional Mall Member Sub LLC      50.01311   

T-C The Caruth LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C The Colorado LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C The Edge At Flagler Village LLC

   Teachers Insurance and Annuity Association of America      100   

T-C The Manor at Flagler Village LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C The Manor LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

 

95


Exhibit A

 

T-C Tradition At Kierland LLC

   T-C SP, Inc.      0   

T-C Tradition At Kierland LLC

   Teachers REA, LLC      100   

T-C Trio Apartments LLC

   U.S. Cities Fund Operating LP      100   

T-C U.S. Super Regional Mall Fund Gp LLC

   TIAA Alternative Holdings, LLC      100   

T-C U.S. Super Regional Mall Fund LP

   T-C U.S. Super Regional Mall Fund Gp LLC      0   

T-C U.S. Super Regional Mall Fund LP

   T-C Mall Fund Initial Limited Partner LLC      100   

T-C UK RE Holdings I, LLC

   Teachers Insurance and Annuity Association of America      100   

T-C UK RE Holdings II, LLC

   T-C UK RE Holdings I, LLC      100   

T-C UK RE Holdings III, LLC

   T-C UK RE Holdings II, LLC      100   

T-C Uptown Apartments, LLC

   Pennmuni-TIAA U.S. Real Estate Fund, LLC      100   

T-C Valencia Town Center General Partner LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Valencia Town Center Limited Partner LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

T-C Waterford Blue Lagoon General Partner LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Waterford Blue Lagoon LLC

   Teachers Insurance and Annuity Association of America      100   

T-C Wisconsin Place Member LLC

   Teachers REA, LLC      100   

T-C Wisconsin Place Owner LLC

   T-C Wisconsin Place Member LLC      100   

TCAM Core Property Fund REIT 2 LLC

   U.S. Cities Fund Operating LP      100   

TCAM DOF GP LLC

   TIAA-CREF LPHC, LLC      100   

TCAS Global Investments LLC

   TIAA-CREF Alternatives Services, LLC      100   

TCAS Global Investments LLC

   TIAA-CREF Alternatives Services, LLC      100   

TCGA BT AIV, LLC

   TIAA Alternative Holdings, LLC      100   

TCGA II Investor Fund GP LLC

   TIAA Alternative Holdings, LLC      100   

 

96


Exhibit A

 

TCGA Investor Fund GP LLC

   TIAA Alternative Holdings, LLC      100   

TCPC Associates, LLC

   485 Properties, LLC      100   

TCT Holdings, Inc.

   Teachers Insurance and Annuity Association of America      100   

Teachers Advisors, LLC

   TIAA Asset Management Finance Company, LLC      100   

Teachers Insurance and Annuity Association of America

   TIAA Board Of Overseers      100   

Teachers Mayflower, LLC

   Teachers Insurance and Annuity Association of America      100   

Teachers Personal Investors Services, Inc.

   TIAA-CREF Asset Management LLC      100   

Teachers REA II, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

Teachers REA, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TEFF Holdco LLC

   Teachers Insurance and Annuity Association of America      100   

TEFF Holding Sarl

   TIAA European Farmland Fund LP      100   

TEFF Investments BV

   TEFF Holding Sarl      100   

Tellus Bahia Propriedades Agrícolas Ltda.

   Cosan S.A. Industria E Comercio      0.0001   

Tellus Bahia Propriedades Agrícolas Ltda.

   Tellus Brasil Participações S.A.      99.9999   

Tellus Brasil Participações S.A.

   Radar Propriedades Agricolas SA      0.0279   

Tellus Brasil Participações S.A.

   Nova Gaia Brasil Participaco Ltda.      0.4736   

Tellus Brasil Participações S.A.

   Terraviva Brasil Participacoes Ltda.      48.8986   

Tellus Brasil Participações S.A.

   Cosan S.A. Industria E Comercio      50.5999   

Terra do Sol Propriedades Agrícolas S.A.

   Cosan S.A. Industria E Comercio      0.0003   

Terra do Sol Propriedades Agrícolas S.A.

   Tellus Brasil Participações S.A.      99.9997   

Terra Land Company

   Westchester Group Investment Management, Inc.      100   

Terra Ventosa Vineyards, LLC

   Silverado Premium Properties, LLC      100   

 

97


Exhibit A

 

Terrainvest Propriedades Agrícolas S.A.

   Cosan S.A. Industria E Comercio      0.0004   

Terrainvest Propriedades Agrícolas S.A.

   Tellus Brasil Participações S.A.      99.9996   

Terras da Ponte Alta S.A.

   Cosan S.A. Industria E Comercio      0.01   

Terras da Ponte Alta S.A.

   Radar Propriedades Agricolas SA      99.99   

Terraviva Brasil Participacoes Ltda.

   TIAA-CREF Global Agriculture BR, LLC      0.01   

Terraviva Brasil Participacoes Ltda.

   Nova Gaia Brasil Participaco Ltda.      99.99   

TGA 299 Franklin LLC

   Teachers Insurance and Annuity Association of America      100   

TGA 70 Federal Street LLC

   Teachers Insurance and Annuity Association of America for the benifit of its Separate Real Estate Account      100   

TGA Japan Holdings, LLC

   Teachers Insurance and Annuity Association of America      100   

TGAM Agribusiness Fund GP LLC

   AGR Partners LLC      100   

TGAM Agribusiness Fund LP

   Christine Taylor      0   

TGAM Agribusiness Fund LP

   Heather Davis      0.02   

TGAM Agribusiness Fund LP

   John Leland MacCarthy Revocable Trust      0.04   

TGAM Agribusiness Fund LP

   Jose Minaya      0.04   

TGAM Agribusiness Fund LP

   John S. Goodreds      0.06   

TGAM Agribusiness Fund LP

   2007 Knudsen Family Trust Dated 8.16.07      0.14   

TGAM Agribusiness Fund LP

   Teachers Insurance and Annuity Association of America      99.7   

TGAM APAC LLC

   TGAM Subsidiary HC LLC      33.3333   

TGAM APAC LLC

   TIAA International Subsidary HC LLC      33.3333   

TGAM APAC LLC

   TIAA-CREF International Holdings LLC      33.3333   

TGAM Asia LLC

   TGAM Subsidiary HC LLC      33.3333   

TGAM Asia LLC

   TIAA International Subsidary HC LLC      33.3333   

 

98


Exhibit A

 

TGAM Asia LLC

   TIAA-CREF International Holdings LLC      33.3333   

TGAM Churchill Fund GP LLC

   Churchill Asset Management LLC      100   

TGAM Churchill Middle Market Senior Loan Fund, LP

   Teachers Insurance and Annuity Association of America      50   

TGAM Churchill Middle Market Senior Loan Fund, LP

   TGAM Churchill Fund GP LLC      50   

TGAM Churchill Middle Market Senior Loan Fund, Offshore LP

   Teachers Insurance and Annuity Association of America      50   

TGAM Churchill Middle Market Senior Loan Fund, Offshore LP

   TGAM Churchill Fund GP LLC      50   

TGAM HK HC LLC

   TGAM APAC LLC      25   

TGAM HK HC LLC

   TGAM Asia LLC      25   

TGAM HK HC LLC

   TIAA International APAC LLC      25   

TGAM HK HC LLC

   TIAA International Asia LLC      25   

TGAM Services, LLC

   TIAA Global Asset Management LLC      100   

TGAM Subsidiary HC LLC

   TIAA-CREF International Holdings LLC      100   

TH Property Holdings, L.L.C.

   TIAA Alternative Holdings, LLC      100   

TH RE Administration Limited

   TIAA Henderson Real Estate Limited      100   

TH RE Administration US LLC

   TH RE US Holdings LLC      100   

TH RE AIFM Group Limited

   TIAA Henderson Real Estate Limited      100   

TH RE Corporate Secretarial Services Limited

   TH RE Group Holdings Limited      100   

TH RE FCACO Limited

   TIAA Henderson Real Estate Limited      100   

TH RE Group Holdings Limited

   TIAA Henderson Real Estate Limited      100   

TH RE Italy S.r.I

   TH RE Group Holdings Limited      100   

TH RE Operations Limited

   TH RE Group Holdings Limited      100   

TH RE US Holdings LLC

   TH RE US Limited      100   

 

99


Exhibit A

 

TH RE US Limited

   TIAA Henderson Real Estate Limited      100   

TH Real Estate (Australia) Limited

   TH RE Group Holdings Limited      100   

TH Real Estate (France) SAS

   TH RE Group Holdings Limited      100   

TH Real Estate Global LLC

   TIAA Alternative Holdings, LLC      100   

TH Real Estate Limited

   TH RE Group Holdings Limited      100   

TH Real Estate PELV GP S.à r.l

   TH RE Group Holdings Limited      100   

TH Real Estate US LLC

   TH RE US Holdings LLC      100   

The ETAP Fund, LLC

   Gresham Investment Management LLC      0   

The ETAP Fund, Ltd.

   Gresham Investment Management LLC      0   

The ETAP Fund, Ltd.

   Non-TIAA 3rd Party LPs      100   

The ETAP Master Fund, Ltd.

   Gresham Asset Management LLC      0.0036   

The ETAP Master Fund, Ltd.

   Non-TIAA Owners      99.9964   

The Flats 130 DC Residential LLC

   The Flats Holding Company LLC      100   

The Flats 140 DC Residential LLC

   The Flats Holding Company LLC      100   

The Flats DC Grocery LLC

   The Flats Holding Company LLC      100   

The Flats Holding Company LLC

   T-C GA Real Estate Holdings LLC      100   

The Gresham A+ Fund LLC

   Gresham Investment Management LLC      0.01   

The Gresham A+ Fund, Ltd.

   Gresham Investment Management LLC      0.0086   

The Gresham A+ Fund, Ltd.

   Non-TIAA Owners      99.9914   

The Gresham A+ Master Fund, Ltd.

   Gresham Asset Management LLC      0.01   

The Gresham A+ Master Fund, Ltd.

   Non-TIAA Owners      99.99   

The Gresham DJF CommodityBuilder Fund, LLC

   Gresham Investment Management LLC      0.0009   

 

100


Exhibit A

 

The Gresham EJ Fund, Ltd.

   Gresham Investment Management LLC      0   

The Gresham EJ Fund, Ltd.

   Non-TIAA Owners      100   

The Gresham EJ Master Fund, Ltd.

   Gresham Asset Management LLC      0.004   

The Gresham EJ Master Fund, Ltd.

   Non-TIAA Owners      99.996   

The Gresham G+ Fund, LLC

   Gresham Investment Management LLC      0.03   

The Gresham G+ Fund, Ltd.

   Gresham Investment Management LLC      0.06   

The Gresham G+ Fund, Ltd.

   Non-TIAA Owners      99.94   

The Gresham G+ Master Fund, Ltd.

   Gresham Asset Management LLC      0.0291   

The Gresham G+ Master Fund, Ltd.

   Non-TIAA Owners      99.9709   

The Gresham Gold Plus Fund, Ltd.

   Gresham Investment Management LLC      0   

The Gresham Gold Plus Fund, Ltd.

   Non-TIAA Owners      100   

The Gresham MTAP Commodity Builder Fund, LLC

   Gresham Investment Management LLC      0.01   

The Gresham Qualifying Investor Funds PLC

   Gresham Investment Management LLC      0   

The Grove Apartments, LLC

   CASA Grande Investments I, LLC      100   

The Lantern Apartments LLC

   CASA Grande Investments I, LLC      100   

The Louis DC Residential LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

The Onshore ETAP Fund, L.L.C.

   Gresham Investment Management LLC      0.0043   

The Onshore Gresham A+ Fund, LLC

   Gresham Investment Management LLC      0   

The Plata Wine Partners Trust

   Westchester Group Investment Management, Inc.      100   

The Pointe At Chapel Hill Apartments, LLC

   CASA Partners IV, L.P.      100   

The Strategic Commodities Fund II LLC

   Gresham Investment Management LLC      0.0149   

The Strategic Commodities Fund LLC

   Gresham Investment Management LLC      0.0099   

 

101


Exhibit A

 

The Strategic Commodities Master Fund, Ltd.

   Gresham Investment Management LLC      0.0016   

The Strategic Commodities Master Fund, Ltd.

   Non-TIAA Owners      99.9984   

The TAP CommodityBuilder Fund, L.L.C.

   Gresham Investment Management LLC      0.0042   

The Tap Fund, LLC

   Gresham Investment Management LLC      0.0016   

The TAP Fund, Ltd.

   Gresham Investment Management LLC      0   

The TAP Fund, Ltd.

   Non-TIAA Owners      100   

The Tap Master Fund Ltd.

   Gresham Investment Management LLC      0.0032   

The Tap Master Fund Ltd.

   Non-TIAA Owners      99.9968   

The TAP WP Fund, LLC

   Gresham Investment Management LLC      0.11   

The TAP WP Master Fund, Ltd.

   Gresham Investment Management LLC      100   

The Tradewinds Institutional Investment Trust

   Tradewinds Global Investors, LLC      0   

The Woodley DC Residential LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

THRE Australia Real Estate Pty. Ltd.

   TH Real Estate (Australia) Limited      100   

THRE Global Investments LLC

   485 Properties, LLC      100   

THRE Melbourne Retail Asset 1 Pty. Ltd.

   THRE Melbourne Retail Holding 1 Pty. Ltd.      100   

THRE Melbourne Retail Holding 1 Pty. Ltd.

   TH Real Estate (Australia) Limited      100   

TIAA 485 Boca 54 LLC

   485 Properties, LLC      100   

TIAA 485 Clarendon, LLC

   485 Properties, LLC      100   

TIAA Alternative Holdings, LLC

   TIAA-CREF Asset Management LLC      100   

TIAA Asset Management Finance Company, LLC

   TIAA Global Asset Management LLC      100   

TIAA Australia Real Estate Trust

   T-C Australia RE Holdings II, LLC      0.01   

TIAA Australia Real Estate Trust

   T-C Australia RE Holdings I, LLC      99.99   

 

102


Exhibit A

 

TIAA Churchill Middle Market CLO I Ltd.

   Maples FS Limited      100   

TIAA Churchill Middle Market CLO II Ltd.

   Maples FS Limited      100   

TIAA CLO I LLC

   TIAA CLO I, Ltd.      100   

TIAA CLO I, Ltd.

   Maples FS Limited      100   

TIAA CMBS I Trust

   TIAA CMBS I, LLC      100   

TIAA CMBS I, LLC

   Charisse Rodgers      0   

TIAA CMBS I, LLC

   Mark Serlen      0   

TIAA CMBS I, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Diamond Investor, LLC

   Diamond Managers, L.P.      0.001   

TIAA Diamond Investor, LLC

   Teachers Insurance and Annuity Association of America      99.999   

TIAA Diversified Public Investments, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA European Farmland Fund GP LP

   TEFF Holdco LLC      50   

TIAA European Farmland Fund GP LP

   TIAA-CREF Alternatives Services, LLC      50   

TIAA European Farmland Fund LP

   TEFF Holdco LLC      50   

TIAA European Farmland Fund LP

   TIAA European Farmland Fund GP LP      50   

TIAA Florida Mall, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TIAA Franklin Square, LLC

   Reit Shareholders      0.1   

TIAA Franklin Square, LLC

   T-C Franklin Square Venture LLC      99.9   

TIAA GBS Holding LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA GBS Singapore Holding Company Pte. Ltd.

   TIAA GBS Holding LLC      100   

TIAA Gemini Office, LLC

   485 Properties, LLC      100   

TIAA Global AG Holdco LLC

   Teachers Insurance and Annuity Association of America      100   

 

103


Exhibit A

 

TIAA Global AG II Special Member LLC

   TIAA-CREF Asset Management LLC      100   

TIAA Global AG Special Member LLC

   TIAA Alternative Holdings, LLC      100   

TIAA Global Asset Management Australia Pty Ltd

   TIAA-CREF International Holdings LLC      100   

TIAA Global Asset Management Hong Kong Limited

   TGAM HK HC LLC      100   

TIAA Global Asset Management LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Global Asset Management London Limited

   TIAA-CREF International Holdings LLC      100   

TIAA Global Business Services (India) Private Limited

   TIAA GBS Singapore Holding Company Pte. Ltd.      99   

TIAA Global Equity Income, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Global Public Investments, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA GTR Holdco LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Henderson Investment Consulting (Shanghai) Co., Ltd

   TH RE Group Holdings Limited      100   

TIAA Henderson Real Estate Enhanced Debt (GP) S.à.r.l.

   TH RE Group Holdings Limited      100   

TIAA Henderson Real Estate Enhanced Debt Fund SCSp-SIF

   TIAA Henderson Real Estate Enhanced Debt (GP) S.à.r.l.      100   

TIAA Henderson Real Estate Limited

   TIAA International Holdings 1 Limited      1   

TIAA Henderson Real Estate Limited

   TIAA International Holdings 3 Limited      99   

TIAA Infrastructure Investments, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA International APAC LLC

   TGAM Subsidiary HC LLC      33.3333   

TIAA International APAC LLC

   TIAA International Subsidary HC LLC      33.3333   

TIAA International APAC LLC

   TIAA-CREF International Holdings LLC      33.3333   

TIAA International Asia LLC

   TGAM Subsidiary HC LLC      33.3333   

TIAA International Asia LLC

   TIAA International Subsidary HC LLC      33.3333   

TIAA International Asia LLC

   TIAA-CREF International Holdings LLC      33.3333   

 

104


Exhibit A

 

TIAA International Holdings 1 Limited

   TIAA-CREF International Holdings LLC      100   

TIAA International Holdings 2 Limited

   TIAA-CREF International Holdings LLC      100   

TIAA International Holdings 3 Limited

   TIAA International Holdings 2 Limited      100   

TIAA International Subsidary HC LLC

   TIAA-CREF International Holdings LLC      100   

TIAA Lux 11 S.a.r.l.

   SAS PIAL 34 (Non-TIAA)      49   

TIAA Lux 11 S.a.r.l.

   ND Europe S.a.r.l.      51   

TIAA Lux 5 S.a.r.l.

   SAS PIAL 34 (Non-TIAA)      49   

TIAA Lux 5 S.a.r.l.

   ND Properties, Inc.      51   

TIAA Lux 8 S.a.r.l.

   Chapone S.à r.l (AP1)      3   

TIAA Lux 8 S.a.r.l.

   Chaptwo S.à r.l (AP2)      3   

TIAA Lux 8 S.a.r.l.

   ND Europe Office Holding S.à r.l      6   

TIAA Lux 8 S.a.r.l.

   Cityhold Office Partnership S.à r.l      88   

TIAA Lux 9 S.a.r.l.

   ND Europe S.a.r.l.      100   

TIAA Melbourne Retail Asset 1 Trust

   TIAA Melbourne Retail Holding 1 Trust      100   

TIAA Melbourne Retail Holding 1 Trust

   TIAA Australia Real Estate Trust      100   

TIAA Miami International Mall, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TIAA Oil And Gas Investments, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Park Evanston, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Realty, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Separate Account VA-1 (VA-1)

   Teachers Insurance and Annuity Association of America      100   

TIAA SF One, LLC

   Donald J. Puglisi      0   

TIAA SF One, LLC

   Teachers Insurance and Annuity Association of America      100   

 

105


Exhibit A

 

TIAA SMA Strategies LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Stafford-Harrison LLC

   ND Properties, Inc.      100   

TIAA Super Regional Mall Member Sub LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA SynGas, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Timberlands I, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Timberlands II, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA Union Place Phase I, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA West Town Mall, LLC

   Teachers REA, LLC      100   

TIAA Wind Investments LLC

   TIAA Oil And Gas Investments, LLC      100   

TIAA-CPPIB Commercial Mortgage Company REIT LLC

   Reit Shareholders      0.01   

TIAA-CPPIB Commercial Mortgage Company REIT LLC

   TIAA-CPPIB Commercial Mortgage Company, L.P.      99.99   

TIAA-CPPIB Commercial Mortgage Company, L.P.

   T-C SMA III, LLC      1   

TIAA-CPPIB Commercial Mortgage Company, L.P.

   CPPIB Real Estate Debt Investments Inc.      49   

TIAA-CPPIB Commercial Mortgage Company, L.P.

   Teachers Insurance and Annuity Association of America      50   

TIAA-CREF Alternatives Advisors, LLC

   TIAA Alternative Holdings, LLC      100   

TIAA-CREF Alternatives Services, LLC

   TIAA Alternative Holdings, LLC      100   

TIAA-CREF Asset Management Distressed Opportunities Fund, L.P.

   TCAM DOF GP LLC      0.0007   

TIAA-CREF Asset Management Distressed Opportunities Fund, L.P.

   ASF IV Central Limited      49.9996   

TIAA-CREF Asset Management Distressed Opportunities Fund, L.P.

   Teachers Insurance and Annuity Association of America      49.9996   

TIAA-CREF Asset Management LLC

   TIAA Global Asset Management LLC      100   

TIAA-CREF Asset Management UK Limited

   TH RE FCACO Limited      100   

TIAA-CREF Global Agriculture BR, LLC

   TIAA-CREF Global Agriculture LLC      100   

 

106


Exhibit A

 

TIAA-CREF Global Agriculture II BR, LLC

   TIAA-CREF Global Agriculture II LLC      100   

TIAA-CREF Global Agriculture II LLC

   TIAA Global AG II Special Member LLC      0   

TIAA-CREF Global Agriculture II LLC

   Feeder Fund and HNW Investors      0.63   

TIAA-CREF Global Agriculture II LLC

   NMR Pension Fund      0.7   

TIAA-CREF Global Agriculture II LLC

   Cummins UK Pension Plan Trustee Ltd.      0.83   

TIAA-CREF Global Agriculture II LLC

   Environmental Agency Active Pension Fund      1   

TIAA-CREF Global Agriculture II LLC

   NCPP Investment Holding Company      1.37   

TIAA-CREF Global Agriculture II LLC

   Thales Pension Trustee Limited as Trustee of the Thales UK Pension Scheme      1.47   

TIAA-CREF Global Agriculture II LLC

   Labourers Pension Fund of Central and Eastern Canada      1.67   

TIAA-CREF Global Agriculture II LLC

   Ontario Power Generation Inc. Pension Fund      1.67   

TIAA-CREF Global Agriculture II LLC

   Ontario Power Generation Inc. On behalf of the Decommissioning Segregated Fund      2.25   

TIAA-CREF Global Agriculture II LLC

   Greater Manchester Pension Fund      2.33   

TIAA-CREF Global Agriculture II LLC

   Ontario Power Generation Inc. On behalf of the Used Fuel Segregated Fund      2.75   

TIAA-CREF Global Agriculture II LLC

   Islazul General Partner S.à.r.l.      3.33   

TIAA-CREF Global Agriculture II LLC

   SA Real Assets 2 Limited      3.33   

TIAA-CREF Global Agriculture II LLC

   CDP Infrastructures Fund G.P.      6.67   

TIAA-CREF Global Agriculture II LLC

   State of New Mexico State Investment Council      6.67   

TIAA-CREF Global Agriculture II LLC

   Stichting Pensioenfonds ABP      6.67   

TIAA-CREF Global Agriculture II LLC

   bcIMC Renewable Resource Investment Trust      10   

TIAA-CREF Global Agriculture II LLC

   Comptroller of the State of New York, as Trustee of the Common Retirement Fund (“CRF”)      10   

TIAA-CREF Global Agriculture II LLC

   TIAA Global AG Holdco LLC      11.67   

TIAA-CREF Global Agriculture II LLC

   AP2 Ag-land Investments KB      25   

 

107


Exhibit A

 

TIAA-CREF Global Agriculture Investor Fund, LP

   TCGA Investor Fund GP LLC      0   

TIAA-CREF Global Agriculture Investor Fund, LP

   TIAA-CREF Asset Management LLC      100   

TIAA-CREF Global Agriculture LLC

   TIAA-CREF Global Agriculture Investor Fund, LP      0.79   

TIAA-CREF Global Agriculture LLC

   Caisse -BCIMC      25   

TIAA-CREF Global Agriculture LLC

   AP2-AVWL-NPS Korea      32.5   

TIAA-CREF Global Agriculture LLC

   TIAA Global AG Holdco LLC      41.7   

TIAA-CREF Global Separate Real Estate Company LLC

   Teachers REA, LLC      100   

TIAA-CREF Individual & Institutional Services, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA-CREF Insurance Agency, LLC

   TIAA-CREF Life Insurance Company      100   

TIAA-CREF International Holdings LLC

   TIAA Alternative Holdings, LLC      100   

TIAA-CREF Investment Management, LLC

   TIAA-CREF Asset Management LLC      100   

TIAA-CREF Life Insurance Company

   Teachers Insurance and Annuity Association of America      100   

TIAA-CREF LPHC, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA-CREF Luxembourg S.a.r.l.

   TH RE Group Holdings Limited      100   

TIAA-CREF Real Property Fund GP LLC

   TIAA-CREF LPHC, LLC      100   

TIAA-CREF Real Property Fund LP

   TIAA-CREF Real Property Fund GP LLC      0.01   

TIAA-CREF Real Property Fund LP

   TIAA-CREF LPHC, LLC      99.99   

TIAA-CREF Real Property Fund REIT LLC

   125 REIT Preferred Members      0.01   

TIAA-CREF Real Property Fund REIT LLC

   TIAA-CREF Real Property Fund LP      99.99   

TIAA-CREF Redwood, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA-CREF Trust Company, FSB

   TCT Holdings, Inc.      100   

TIAA-CREF Tuition Financing, Inc.

   Teachers Insurance and Annuity Association of America      100   

 

108


Exhibit A

 

TIAA-Stonepeak Investments I, LLC

   Teachers Insurance and Annuity Association of America      100   

TIAA-Stonepeak Investments II, LLC

   Teachers Insurance and Annuity Association of America      100   

T-Investment Properties Corp.

   485 Properties, LLC      100   

Toperone Agrícola S.A.

   Cosan S.A. Industria E Comercio      0.01   

Toperone Agrícola S.A.

   Tparone Participações S.A.      99.99   

Topertwo Agrícola S.A.

   Cosan S.A. Industria E Comercio      0.01   

Topertwo Agrícola S.A.

   Tpartwo Participações S.A.      99.99   

Topola Lasy spolka z o. o.

   Renewable Timber Resources LLC      1   

Topola Lasy spolka z o. o.

   IPOPEMA 87 Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych      99   

Tparone Participações S.A.

   Cosan S.A. Industria E Comercio      0.01   

Tparone Participações S.A.

   Tellus Brasil Participações S.A.      99.99   

Tpartwo Participações S.A.

   Cosan S.A. Industria E Comercio      0.01   

Tpartwo Participações S.A.

   Tellus Brasil Participações S.A.      99.99   

Tramonto Apartments LLC

   CASA Grande Investments I, LLC      100   

TREA 1401 H, LLC

   Teachers REA, LLC      100   

TREA Florida Retail, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TREA Hub Investor Member LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TREA Pacific Plaza, LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TREA Retail Property Portfolio 2006 LLC

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      100   

TREA Weston, LLC

   Teachers REA, LLC      100   

TREA Wilshire Rodeo, LLC

   Teachers REA, LLC      100   

TRPF 1525 Harvard Avenue LLC

   TIAA-CREF Real Property Fund REIT LLC      100   

 

109


Exhibit A

 

TRPF 51 Commerce Drive LLC

   TIAA-CREF Real Property Fund REIT LLC      100   

TRPF Global Investments, LLC

   TIAA-CREF Real Property Fund REIT LLC      100   

True Oak Napa Vineyard, LLC

   Global AG Properties II USA LLC      21.875   

TXCGL Properties, L.P.

   CGL Management, LLC      0.01   

TXCGL Properties, L.P.

   CGL Investments, LLC      99.99   

U.S. Cities Fund GP LLC

   TIAA Alternative Holdings, LLC      100   

U.S. Cities Fund LP

   U.S. Cities Fund GP LLC      0.000074   

U.S. Cities Fund LP

   ND Properties, Inc.      7.98   

U.S. Cities Fund Operating GP LLC

   U.S. Cities Fund REIT LLC      100   

U.S. Cities Fund Operating LP

   U.S. Cities Fund Operating GP LLC      0.0001   

U.S. Cities Fund Operating LP

   U.S. Cities Fund REIT LLC      99.999   

U.S. Cities Fund REIT LLC

   U.S. Cities Fund LP      99   

U.S. Cities Industrial Fund GP LLC

   U.S. Cities Fund Operating LP      100   

U.S. Cities Industrial Fund LP

   U.S. Cities Fund Operating LP      100   

U.S. Cities Industrial Fund REIT LLC

   U.S. Cities Industrial Fund LP      100   

U.S. Cities Multifamily Fund GP LLC

   U.S. Cities Fund Operating LP      100   

U.S. Cities Multifamily Fund LP

   U.S. Cities Fund Operating LP      100   

U.S. Cities Multifamily Fund Operating GP LLC

   U.S. Cities Multifamily Fund REIT LLC      100   

U.S. Cities Multifamily Fund REIT LLC

   U.S. Cities Multifamily Fund LP      100   

U.S. Cities Office Fund GP LLC

   U.S. Cities Fund Operating LP      100   

U.S. Cities Office Fund LP

   U.S. Cities Fund Operating LP      100   

U.S. Cities Office Fund Operating GP LLC

   U.S. Cities Office Fund Reit LLC      100   

 

110


Exhibit A

 

UK PPP Investments LP

   Teachers Insurance and Annuity Association of America      37.5   

Union Place Phase I, LLC

   TIAA Union Place Phase I, LLC      100   

Vale da Ponte Alta S.A.

   Cosan S.A. Industria E Comercio      0.01   

Vale da Ponte Alta S.A.

   Radar II Propriedades Agrícolas S.A.      99.99   

Vanquish Properties (UK) Limited Partnership

   LEADENHALL UNIT TRUST      33.33   

Vanquish Properties (UK) Limited Partnership

   VANQUISH I UNIT TRUST      33.33   

Vanquish Properties (UK) Limited Partnership

   VANQUISH II UNIT TRUST      33.33   

Vanquish Properties GP Limited

   Vanquish Properties LP Limited      100   

Vanquish Properties GP Nominee 1 Limited

   Vanquish Properties GP Limited      100   

Vanquish Properties GP Nominee 2 Limited

   Vanquish Properties GP Limited      100   

Vanquish Properties GP Nominee 3 Limited

   Non-TIAA Owners      100   

Vanquish Properties GP Nominee 4 Limited

   Non-TIAA Owners      100   

Vanquish Properties LP Limited

   BNP Paribas Jersey Trust Corporation Limited and Anley Trustees Limited ATO CLOF      33.3   

Vanquish Properties LP Limited

   Henderson CLOF II Vanquish Limited      33.3   

Vanquish Properties LP Limited

   AIMCO Leadenhall Holdings Sarl      33.4   

Villabe SAS

   ND Europe S.a.r.l.      100   

Vista Pointe Apartments, LLC

   CASA Partners IV, L.P.      100   

W R C Properties, LLC

   Teachers Insurance and Annuity Association of America      100   

Walk Apartments, LLC

   CASA Partners III, L.P.      100   

Walnut Street Retail Investors, L.P.

   T-C 1619 Walnut Street GP LLC      0.5   

Walnut Street Retail Investors, L.P.

   Teachers Insurance and Annuity Association of America for the benefit of the Real Estate Account      99.5   

Waterford at The Lakes Apartments, LLC

   CASA Partners V Holdings, L.L.C.      100   

 

111


Exhibit A

 

Waterford Blue Lagoon LP

   T-C Waterford Blue Lagoon General Partner LLC      1   

Waterford Blue Lagoon LP

   Non-TIAA Owners      49   

Waterford Blue Lagoon LP

   T-C Waterford Blue Lagoon LLC      50   

Waterford Blue Lagoon Reit General Partner LLC

   Waterford Blue Lagoon LP      100   

Waterford Blue Lagoon Reit LP

   Waterford Blue Lagoon Reit General Partner LLC      0   

Waterford Blue Lagoon Reit LP

   Waterford Blue Lagoon LP      100   

Waterford Core General Partner LLC

   Waterford Blue Lagoon LP      100   

Waterford Core Operating LP

   Waterford Core General Partner LLC      0   

Waterford Core Operating LP

   Waterford Blue Lagoon LP      100   

Waterford Park Apartments, LLC

   CASA Partners V Holdings, L.L.C.      100   

Westchester Group Asset Management, Inc.

   Westchester Group Investment Management, Inc.      100   

Westchester Group Farm Management, Inc.

   Westchester Group Investment Management, Inc.      100   

Westchester Group Investment Management Holding Company, Inc.

   TIAA Alternative Holdings, LLC      100   

Westchester Group Investment Management, Inc.

   Global Agricultural Partners, Inc. (Non-TIAA)      15   

Westchester Group Investment Management, Inc.

   Westchester Group Investment Management Holding Company, Inc.      85   

Westchester Group of Australia Pty Ltd

   Westchester Group Investment Management, Inc.      100   

Westchester Group of Europe Limited

   Westchester Group Investment Management, Inc.      100   

Westchester Group of Poland sp.z o.o.

   Westchester Group of Europe Limited      100   

Westchester Group Real Estate, Inc.

   Westchester Group Investment Management, Inc.      100   

Westchester Group South America Gestao De Investimentos Ltda.

   Westchester Group Real Estate, Inc.      1   

Westchester Group South America Gestao De Investimentos Ltda.

   Westchester Group Investment Management, Inc.      99   

Westland At Waterford General Partner LLC

   Westland At Waterford Reit LP      100   

 

112


Exhibit A

 

Westland At Waterford Operating LP

   Westland At Waterford General Partner LLC      0   

Westland At Waterford Operating LP

   Westland At Waterford Reit LP      100   

Westland At Waterford Reit General Partner LLC

   Waterford Blue Lagoon LP      100   

Westland At Waterford Reit LP

   Westland At Waterford Reit General Partner LLC      0   

Westland At Waterford Reit LP

   Waterford Blue Lagoon LP      100   

Wigg (Holdings) Limited

   UK PPP Investments LP      100   

Wigg Investments Limited

   Wigg (Holdings) Limited      100   

Winchester Silverhill Limited

   Non-TIAA 3rd Party LPs      100   

Winslow Capital Management, LLC

   Nuveen WCM Holdings, LLC      100   

 

113


Item 27. Number of Contractowners

As of October 31, 2016 there were 189,556 owners of the contracts.

Item 28. Indemnification

Trustees, officers, and employees of TIAA may be indemnified against liabilities and expenses incurred in such capacity pursuant to Article Six of TIAA’s bylaws (see Exhibit 6(B)). Article Six provides that, to the extent permitted by law, TIAA will indemnify any person made or threatened to be made a party to any action, suit or proceeding by reason of the fact that such person is or was a trustee, officer, or employee of TIAA or, while a trustee, officer, or employee of TIAA, served any other organization in any capacity at TIAA’s request. To the extent permitted by law, such indemnification could include judgments, fines, amounts paid in settlement, and expenses, including attorney’s fees. TIAA has in effect an insurance policy that will indemnify its trustees, officers, and employees for liabilities arising from certain forms of conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to officers and directors of the Depositor, pursuant to the foregoing provision or otherwise, the Depositor has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in that Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Depositor of expenses incurred or paid by a director or officer in connection with the successful defense of any action, suit or proceeding) is asserted by a director or officer in connection with the securities being registered, the Depositor will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in that Act and will be governed by the final adjudication of such issue.

Item 29. Principal Underwriters

(a) TIAA-CREF Individual & Institutional Services, LLC acts as principal underwriter for Registrant, College Retirement Equities Fund, TIAA Real Estate Account, TIAA-CREF Life Insurance Company Separate Account VA-1, TIAA-CREF Life Insurance Company Separate Accounts VLI-I and VLI-2, and TIAA Separate Account VA-1.

(b) Management

 

Name and Principal Business Address*

  

Positions and Offices with Underwriter

Kathie Jane Andrade

   Manager, President, Chief Executive Officer, and Chairman of the Board

Rashmi Badwe

   Manager

William Griesser

   Manager

Christopher Weyrauch

   Manager and President

Catherine McCabe

   Manager

Eric Thomas Jones

   Manager

Christy R. Lee

   Controller and Chief Financial Officer

Jorge Gutierrez

   Treasurer

Peter Anthony Kennedy

   Manager and Vice President

Angela Kahrmann

   Chief Operating Officer

Samuel A. Turvey

   Chief Compliance Officer

Cherita Thomas

   Secretary

Pamela Lee Lewis Marlborough

   Vice President, Chief Legal Officer, Assistant Secretary

Steven Butzine

   Anti-Money Laundering Officer

Patricia Adams

   Managing Director

 

* The principal business address is: TIAA-CREF Individual & Institutional Services, LLC, 730 Third Avenue, New York, NY 10017.

(c) Not Applicable.

Item 30. Location of Accounts and Records

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained at the Registrant’s home office, 730 Third Avenue, New York, New York 10017, and at other offices of the Registrant located at 8500 Andrew Carnegie Boulevard, Charlotte, North Carolina 28262. In addition, certain duplicated records are maintained at Iron Mountain (Pierce Leahy) Archives, 22 Kimberly Road, East Brunswick, New Jersey 08816, Citistorage, 5 North

 

C-81


11th Street, Brooklyn, New York 11211, File Vault, 839 Exchange Street, Charlotte, North Carolina 28208, JP Morgan Chase Bank, N.A., 4 Chase Metrotech Center Brooklyn, New York 11245, and State Street Bank and Trust Company, located at 801 Pennsylvania Avenue, Kansas City, MO 64105.

Item 31. Management Services

Not Applicable.

Item 32. Undertakings

(a) The Registrant undertakes to file a post-effective amendment to this Registration Statement as frequently as is necessary to ensure that the audited financial statements in the Registration Statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted.

(b) The Registrant undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information.

(c) The Registrant undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under Form N-4 promptly upon written or oral request.

Representations

Teachers Insurance and Annuity Association of America represents that the fees and charges deducted under the contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Teachers Insurance and Annuity Association of America.

TIAA represents that the No-Action Letters issued by the Staff of the Division of Investment Management on November 28, 1988 to the American Council of Life Insurance and August 30, 2012 to ING Life Insurance Company are being relied upon, and that the terms of those No-Action positions have been complied with.

 

C-82


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, TIAA Separate Account VA-3 certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Registration Statement and has caused this Post-Effective Amendment to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York, on the 1st day of December, 2016.

 

TIAA SEPARATE ACCOUNT VA-3

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA (On behalf of

Registrant and itself)

By:  

/s/ PAUL J. VAN HEEST JR.

Name:   Paul J. Van Heest Jr.
Title:  

Executive Vice President,

TIAA and CREF Income Products

As required by the Securities Act of 1933, this Post-Effective Amendment has been signed by the following persons on December 1, 2016 in the capacities indicated.

 

Signature

 

Title

 

/s/ PAUL J. VAN HEEST JR.

Paul J. Van Heest Jr.

 

Executive Vice President,

TIAA and CREF Income Products

(Principal Executive Officer)

 

/s/ VIRGINIA M. WILSON

Virginia M. Wilson

 

Executive Vice President and Chief Financial Officer (Principal Financial Officer and

Principal Accounting Officer)

SIGNATURE OF TRUSTEE

 

SIGNATURE OF TRUSTEE

*

 

*

Jeffrey R. Brown   Maureen O’Hara

*

 

*

James R. Chambers   Donald K. Peterson

*

 

*

Sidney A Ribeau   Roger W. Ferguson, Jr.

*

 

*

Dorothy K. Robinson   Lisa W. Hess

*

 

*

Kim M. Sharan   David L. Shedlarz

*

 

*

Edward M. Hundert M.D.   Ronald L. Thompson

*

 

*

Lawrence H. Linden   Marta Tienda
 

/s/ RACHEL D. MENDELSON

Rachel D. Mendelson

Attorney-in-fact

 

* Signed by Rachel D. Mendelson as attorney-in-fact pursuant to powers of attorney filed previously with the SEC, which are incorporated herein by reference.


Exhibit Index

 

(8)    (A2)    Form of Participation Agreement among American Beacon Advisors, Inc., Foreside Fund Services, LLC, and Teachers Insurance and Annuity Association of America
   (A3)    Form of Participation Agreement among Ariel Distributors, LLC and Teachers Insurance and Annuity Association of America
   (A4)    Form of Participation Agreement among The Advisors’ Inner Circle Fund II, Champlain Investment Partners LLC, SEI Investment Distribution Co., and Teachers Insurance and Annuity Association of America
   (A5)    Form of Participation Agreement among Delaware Investments Family of Funds, Delaware Management Company, a series of Delaware Management Business Trust, Delaware Distributors, L.P., and Teachers Insurance and Annuity Association of America
   (A6)    Form of Participation Agreement among JPMorgan Trust II, JPMorgan Distribution Services, Inc., and Teachers Insurance and Annuity Association of America
   (A7)    Form of Participation Agreement among The Lazard Funds, Inc., Lazard Asset Management LLC, Lazard Asset Management Securities LLC, and Teachers Insurance and Annuity Association of America
   (A8)    Form of Participation Agreement among Lord Abbett Investment Trust, Lord Abbett & Co. LLC, Lord Abbett Distributor LLC, and Teachers Insurance and Annuity Association of America
   (A9)    Form of Participation Agreement among MFS Series Trust XI, MFS Fund Distributors, Inc. and Teachers Insurance and Annuity Association of America
   (A10)    Form of Participation Agreement among Nationwide Mutual Funds, Nationwide Fund Distributors LLC, and Teachers Insurance and Annuity Association of America
   (A11)    Form of Participation Agreement among Parnassus Fund, Parnassus Investments, Parnassus Funds Distributor, and Teachers Insurance and Annuity Association of America
   (A12)    Form of Participation Agreement among Franklin Templeton Distributors, Inc. and Teachers Insurance and Annuity Association of America
   (A13)    Amendment to Fund Participation and Service Agreement among T. Rowe Price Investment Services, Inc., T. Rowe Price Associates, Inc., and Teachers Insurance and Annuity Association of America
   (A14)    Amendment to the Agreement by and among The Vanguard Group, Inc., Teachers Insurance and Annuity Association of America, and JPMorgan Chase Bank, N.A.
   (A15)    Form of Administrative Services Agreement among Ariel Investment Trust and Teachers Insurance and Annuity Association of America
   (A16)    Form of Administrative Services Agreement among Parnassus Investments and Teachers Insurance and Annuity Association of America

Exhibit(8)(A2)

PARTICIPATION AGREEMENT

Among

AMERICAN BEACON ADVISORS, INC., A DELAWARE CORPORATION, (THE “ADVISER”) AS INVESTMENT MANAGER ON BEHALF OF EACH OF THE FUNDS LISTED ON SCHEDULE A ATTACHED HERETO, SEPARATELY AND NOT JOINTLY, AND AMERICAN BEACON FUNDS, A MASSACHUSETTS BUSINESS TRUST, (THE “FUND”),

and

FORESIDE FUND SERVICES, LLC (“DISTRIBUTOR”)

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

 

THIS AGREEMENT, made and entered into as of this          day of                      , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), the Adviser, the Fund, and the Distributor.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

 

1


Exhibit(8)(A2)

 

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Adviser knows of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Distributor is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and such shares are authorized to be sold to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Distributor agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Fund and the Distributor, as applicable, agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, such orders to be executed on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Adviser or its designee agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value in accordance with the Fund’s prospectus (a “Business Day”). Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”), the Adviser, or the Distributor, as applicable, may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in its sole discretion and acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.

1.3       [Reserved]

1.4       The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on each

 

2


Exhibit(8)(A2)

 

Business Day at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.

1.5         The Fund hereby appoints the Company as an agent of the Fund for the sole limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time on Business Day and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day.

1.6       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.

1.8       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9       The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in

 

3


Exhibit(8)(A2)

 

additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10     The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 7:00 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company promptly upon discovery.

1.11         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

 

4


Exhibit(8)(A2)

 

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12     The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Section 1.3 and Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.

1.13     Pursuant to Rule 22c-2 of the 1940 Act, the Fund and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

ARTICLE II.  Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion

 

5


Exhibit(8)(A2)

 

from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Adviser represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Adviser shall amend the Registration Statement for the Fund shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Adviser shall register and qualify the shares of the Fund for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Adviser, the Fund or the Distributor.

2.3       To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Adviser will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4       The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states. The Adviser represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5       The Adviser represents that the Fund is lawfully organized and validly existing under the laws of the Commonwealth of Massachusetts and that the Fund does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Distributor represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Distributor further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will distribute the Fund shares in accordance with applicable state and federal securities laws.

2.7       The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with the laws of the State of New York and any applicable state and federal securities laws.

2.8       The Adviser represents and warrants that all of its directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund, who are required to under law, rule or regulation, are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time.

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund, who are required to under law, rule or regulation, are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The Company

 

6


Exhibit(8)(A2)

 

agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Adviser, the Fund and the Distributor in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10    The Adviser represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11    The Adviser represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser represents that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser agrees to provide the Company with prompt notice, in writing, of such change in, or plans to change, regulatory status.

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, or its designee, shall provide the Company with as many copies of the Fund’s current prospectus (describing the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, or its designee, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus electronically, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document and the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s

 

7


Exhibit(8)(A2)

 

prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2      The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Fund, at its expense, shall be responsible to print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3      The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Adviser, at its expense, shall be responsible for providing the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Adviser, or its designee, shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports electronically, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4      The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

 

8


Exhibit(8)(A2)

 

3.5       The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1       Adviser hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, the Fund’s trademarks, its name, and the Fund name(s) solely in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Adviser’s/Fund’s trademark(s) and/or the Adviser’s/Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes other fund companies’ trademarks and/or fund names as a listing of funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Adviser and the Distributor, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of the Adviser or the Fund or the Distributor appears or is shown or (b) the Fund (or a Designated Portfolio thereof) or the Adviser or the Distributor is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Adviser, the Fund or the Distributor reasonably objects to such use within ten calendar days after receipt of such material. The Adviser, the Fund and the Distributor reserve the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Adviser, the Fund or the Distributor so objects. All such use by Company of such material shall be in accordance with Adviser’s, the Fund’s or the Distributor’s reasonable policies regarding advertising and trademark use. The Adviser, the Fund and the Distributor, in their sole discretion from time to time, may change the appearance and/or style of their trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) the Adviser, the Fund and the Distributor have the rights to license their trademarks, (ii) Company has no rights, title or interest in or to the Adviser’s, the Fund’s or the Distributor’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of the Adviser, the Fund and the Distributor, respectively. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of the Adviser’s, the Fund’s or the Distributor’s trademarks anywhere in the world. The Adviser, the Fund and the Distributor may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on the Adviser, the Fund or the Distributor. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of the Adviser, the Fund and the Distributor except as the parties may agree in writing.

4.2       The Company shall not give any information or make any representations or statements on behalf of the Fund, the Adviser or the Distributor or concerning the Fund, the Adviser or the Distributor in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other

 

9


Exhibit(8)(A2)

 

Promotional Materials approved by the Adviser, the Fund or their designee or by the Distributor, except with the permission of the Adviser, the Fund or the Distributor or their designee (except with respect to Sales Literature only with permission of the Distributor).

4.3       The Fund and the Adviser, or their designee, shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.       The Fund, the Adviser and the Distributor shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Fund, or its designee, will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6       The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7       For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8       The Fund, or its designee, will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration

 

10


Exhibit(8)(A2)

 

statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners, as allowed by law, rule or regulation, to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1       The Fund, the Adviser and the Distributor shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses (the “Plan”), then payments may be made to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Fund and the Adviser in writing pursuant to the Plan. No such payments shall be made directly by the Fund. If the Distributor is required to make any payments pursuant to this Agreement, the Distributor shall be obligated to make such payments only after, for so long as, and to the extent that it receives such payments from the Fund or the Adviser, as applicable.

5.2       All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Adviser shall see to it that all Fund shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Adviser, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

5.3       The applicable parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.  Qualification

6.1       The Adviser represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2       The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Adviser, the Fund and the Distributor immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

 

11


Exhibit(8)(A2)

 

ARTICLE VII.  Indemnification

7.1         Indemnification By the Company

7.1(a).   The Company agrees to indemnify and hold harmless the Adviser, the Fund and the Distributor and each of their respective officers, trustees and directors and each person, if any, who controls the Adviser, the Fund or the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

12


Exhibit(8)(A2)

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).    The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

 

13


Exhibit(8)(A2)

 

7.1(d).  The Indemnified Parties, as applicable, will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2         Indemnification by the Distributor

7.2(a).  The Distributor agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Distributor) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the distribution of the Fund’s shares; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing) provided to the Company by the Distributor (and used by the Company on the terms and for the period specified by the Distributor or stated in such material), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Distributor, the Adviser or the Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations by the Distributor (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials of the Fund not supplied by the Distributor or persons under its control) with respect to the distribution of the Fund’s shares; or arise out of or result from Distributor’s willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of Distributor’s reckless disregard of its obligations or duties under this Agreement; or

 

14


Exhibit(8)(A2)

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Distributor; or

 

  (iv)

arise out of or result from any material breach of any representation and/or warranty made by the Distributor in this Agreement or arise out of or result from any other material breach of this Agreement by the Distributor;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

7.2(b).  The Distributor shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement.

7.2(c).  The Distributor shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Distributor in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Distributor of any such claim shall not relieve the Distributor from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Distributor and the Distributor is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Distributor will be entitled to participate, at its own expense, in the defense thereof. The Distributor also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Distributor to such party of the Distributor’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Distributor will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Distributor and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Distributor and the

 

15


Exhibit(8)(A2)

 

 

Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Distributor will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Distributor agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).      The Company agrees promptly to notify the Distributor of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3         Indemnification By the Adviser

7.3(a).    The Adviser agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Adviser) or litigation (including legal and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to distribution of the Fund’s sharesand:

 

  (i)

arise as a result of any material failure by the Fund or the Adviser to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund or the Adviser in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund or the Adviser;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).   The Adviser shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement.

 

16


Exhibit(8)(A2)

 

7.3(c).  The Adviser shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Adviser in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Adviser of any such claim shall not relieve the Adviser from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Adviser and the Adviser is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Adviser will be entitled to participate, at its own expense, in the defense thereof. The Adviser also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Adviser to such party of the Adviser’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Adviser will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Adviser and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Adviser will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Adviser agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.3(d).      The Company agrees promptly to notify the Adviser of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

ARTICLE VIII.  Applicable Law

8.1       This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2       This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

 

17


Exhibit(8)(A2)

 

ARTICLE IX.  Termination

9.1         This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Adviser, the Fund and the Distributor with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Adviser, the Fund and the Distributor in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Adviser, the Fund or the Distributor in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Adviser, the Fund or the Distributor determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund, the Adviser or the Distributor by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund, the Adviser or the Distributor to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Adviser, the Fund and the Distributor with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

18


Exhibit(8)(A2)

 

  (g)

termination by the Adviser, the Fund or the Distributor by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Adviser, the Fund or the Distributor reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Adviser, the Fund or the Distributor by written notice to the Company, if either one or all of the Adviser, the Fund or the Distributor respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Adviser, the Fund and the Distributor, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Distributor has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2         Notice Requirement.    No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3         Effect of Termination.  Notwithstanding any termination of this Agreement, the Adviser, the Fund and the Distributor shall, at the option of the Company, and so long as not prohibited by law, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4         The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Distributor reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund and the Distributor 45 days’ notice of its intention to do so.

 

19


Exhibit(8)(A2)

 

9.5        Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

American Beacon Funds

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

 Attn: General Counsel

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

 

If to Distributor:

Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, Maine 04101

 Attn: Legal Department

 

If to Adviser:

American Beacon Advisors, Inc.

220 East Las Colinas Blvd., Suite 1200

Irving, Texas 75039

 Attn: General Counsel

ARTICLE XI.  Miscellaneous

11.1       All persons dealing with the Fund must look solely to the Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with

 

20


Exhibit(8)(A2)

 

the Company, the Adviser and the Distributor. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2     Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers or clients, as applicable, of the Company, the Fund, the Adviser, the Distributor or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers or clients, as applicable, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Distributor may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, the Adviser or the Distributor as set forth in this Agreement; and the Company, the Fund, the Adviser and the Distributor agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, the Adviser or the Distributor may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund, the Adviser and the Distributor agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

As applicable to it, the Company, the Adviser, the Fund and the Distributor agree to implement appropriate measures reasonably designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund, the Adviser or to the Distributor; the Company, the Fund, the Adviser and the Distributor further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

21


Exhibit(8)(A2)

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order or to a regulatory agency with authority or otherwise pursuant to law, rule, or regulation, to the extent permitted by law, such receiving party will promptly notify the disclosing party of such disclosure.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will reasonably cooperate to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3     The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4     This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5     If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6     Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, the Company, the Fund,

 

22


Exhibit(8)(A2)

 

the Distributor and the Adviser, as applicable, further agree to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7     The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8     This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9     The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend this Agreement and the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

 

23


Exhibit(8)(A2)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:  

TEACHERS INSURANCE AND ANNUITY

ASSOCIATION OF AMERICA

  By its authorized officer
  By:      /s/ Hal Moody
  Title:      Senior Director
  Date:      8/8/2016
FUND:   AMERICAN BEACON FUNDS, on behalf of each of its series, separately and not jointly
  By its authorized officer
  By:      /s/ Jeffrey K. Ringdahl
  Title:      Vice President
  Date:     
DISTRIBUTOR:   FORESIDE FUND SERVICES, LLC
  By its authorized officer
  By:      /s/ Mark Fairbanks
  Title:      Vice President
  Date:      9/2/2016
ADVISER:   AMERICAN BEACON ADVISORS, INC.
  By its authorized officer
  By:      /s/ Brian Brett
  Title:      Vice President Sales
  Date:      8/30/2016

 

24


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

  

Contracts Funded  

by Separate  

Account  

   Designated Portfolios     
TIAA Separate Account VA-3 May 17, 2006    Access Annuities      American Beacon Funds – Institutional Class   


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

 

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

 

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in


place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but


does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If the Adviser or its designee determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in its computation of the net asset value of Fund shares, dividend or capital gain errors (“Price Error”), Adviser will promptly notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance. Adviser may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Adviser will also communicate to Company the amount and nature of any changes to applicable records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Adviser shall reimburse, or shall cause to be reimbursed, the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect and return such overpayment, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

 

Compensating the Company for its Expenses. Adviser shall promptly pay, or cause to be paid, direct out of pocket costs (including preparing and mailing revised statements) directly related solely to the Price Error up to $10,000 for each Price Error occurrence; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

  1   Exhibit (8)(A3)

 

PARTICIPATION AGREEMENT

Between

ARIEL DISTRIBUTORS, LLC

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

 

THIS AGREEMENT, made and entered into as of this          day of                      , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”) and Ariel Distributors, LLC, a Delaware limited liability company.

WHEREAS, Ariel Distributors, LLC (the “Underwriter”) serves as distributor for several series of Ariel Investment Trust (the “Fund”); and

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and


  2   Exhibit (8)(A3)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Underwriter, on behalf of the Fund knows of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at the net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Underwriter on behalf of the Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.

1.3       Section 1.3 has been intentionally left blank.

1.4       On behalf of the Fund, the Underwriter agrees to redeem, at the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.


  3   Exhibit (8)(A3)

 

1.5         On behalf of the Fund, the Underwriter hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption of orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered under the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.

1.8       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9       The Fund shall furnish, via the daily emailed NAV reports from the Fund’s service provider, same day notice to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.


  4   Exhibit (8)(A3)

 

1.10     The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7:30 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company immediately upon discovery.

1.11         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Underwriter and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Underwriter and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Underwriter and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Underwriter and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Underwriter, Fund and/or its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Underwriter and the Fund to effect Fund/SERV transactions.


  5   Exhibit (8)(A3)

 

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12     Section 1.12 has intentionally been left blank.

1.13     The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies and the cash value of the Contracts may be invested in other investment companies.

1.14     Pursuant to Rule 22c-2 of the 1940 Act, the Underwriter, on behalf of the Fund, and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

ARTICLE II.  Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material


  6   Exhibit (8)(A3)

 

respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Underwriter on behalf of the Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3       Section 2.3 has intentionally been left blank.

2.4       The Underwriter on behalf of the Fund makes no representations as to whether any aspect of the Fund’s operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Underwriter on behalf of the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws as may be applicable to the extent required to perform this Agreement.

2.5       The Underwriter represents that the Fund is lawfully organized and validly existing under the laws of the Commonwealth of Massachusetts and the Fund does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with applicable state and federal securities laws.

2.7       On behalf of itself and the Fund, the Underwriter represents and warrants that all of the Fund and Underwriter’s directors, officers, employees, investment advisers, and other individuals or entities controlled by the Underwriter or Fund dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company. The Underwriter agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Underwriter or the Fund and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.


  7   Exhibit (8)(A3)

 

2.8       Section 2.8 has intentionally been left blank.

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to promptly notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10    The Underwriter on behalf of the Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11    The Underwriter represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Underwriter represents that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Underwriter agrees to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Underwriter, shall cause electronic copies of the Fund’s current prospectus and any supplements thereto to be made available to the Company to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.


  8   Exhibit (8)(A3)

 

3.2      The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available on the Fund’s website in a readily printable and downloadable format.

3.3      The Underwriter shall deliver to the Company electronic copies of Fund proxy material, reports to shareholders, and other communications to shareholders. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter shall make available to the Company electronic copies of the Fund’s annual and semi-annual reports to shareholders.

3.4      The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5      The Underwriter represents that the Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Underwriter represents that the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1      Underwriter hereby grants to Company a non-exclusive, non-transferable, non-sub-licensable, royalty-free limited license to use its trademarks, its name, the name of the Fund’s investment manager and the Designated Portfolios’ names and the Funds’ and investment adviser’s trademark and logo in connection with the Company’s obligations under this Agreement, including as part of the Company’s sales literature and other promotional materials in its product specific materials when listing the funds available on its platform. All such uses by Company shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter or Fund, in their sole discretion from time to time, may change the appearance and/or style of their trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter, for itself and on behalf of the Fund, the Designated Portfolios and the Fund’s investment manager, has the rights to license its trademarks under this Agreement, (ii) Company has no rights, title or interest in or to


  9   Exhibit (8)(A3)

 

Underwriter’s, Fund investment manager’s Fund’s or Designated Portfolios’ trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter or Fund. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s, Fund’s, Designated Portfolios’ or Fund’s investment manager’s trademarks anywhere in the world. Underwriter may rescind this license at any time if it determines, in its sole discretion, that use of trademarks or name(s) will have an adverse effect on it, the Fund’s investment manager or the Fund. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of the Fund, the Designated Portfolios, the Fund’s investment manager and the Underwriter except as the parties may agree in writing.

4.2       The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the prior approval of the Fund or the Underwriter or the designee of either.

4.3       The Underwriter shall make available to the Company, through electronic means, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.       The Underwriter represents that neither it nor the Fund shall give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Underwriter itself will, or will cause the Fund to, provide to the Company, through electronic means, one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6       The Company will provide or make generally available to the Fund, through its website and other electronic means, one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.


  10   Exhibit (8)(A3)

 

4.7       For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, or reprints), and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed and made generally available with regard to the Fund.

4.8       The Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1       The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement.

5.2       All expenses incident to performance by the Underwriter and the Fund under this Agreement shall be paid by the Underwriter or the Fund, except as otherwise provided herein. The Underwriter will ensure that all Fund shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

ARTICLE VI.  Qualification

6.1       The Underwriter represents on the Fund’s behalf that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.


  11   Exhibit (8)(A3)

 

6.2         The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1         Indemnification By the Company

7.1(a).   The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or


  12   Exhibit (8)(A3)

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Underwriter or Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).    The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.


  13   Exhibit (8)(A3)

 

7.1(d).   The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2         Indemnification by the Underwriter

7.2(a).   The Underwriter, on its own behalf and on behalf of the Fund, agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or


  14   Exhibit (8)(A3)

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b).   The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).   The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on


  15   Exhibit (8)(A3)

 

any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).      The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

ARTICLE VIII.  Applicable Law

8.1         This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

8.2         This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1         This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by sixty days (60) advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or


  16   Exhibit (8)(A3)

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or


  17   Exhibit (8)(A3)

 

  (h)

termination by the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Fund’s investment manager, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2         Notice Requirement. No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to the other party of its intent to terminate, which notice will set forth the basis for the termination.

9.3         Effect of Termination. Notwithstanding any termination of this Agreement, the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4         The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund and the Underwriter 45 days’ notice of its intention to do so.

9.5         Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.


  18   Exhibit (8)(A3)

 

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention:  Mike Kloss

 

If to Underwriter:

Ariel Distributors, LLC

200 E. Randolph Street

Suite 2900

Chicago, Illinois 60601

Attention: Merrillyn J. Kosier

ARTICLE XI.  Miscellaneous

11.1      All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2      Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;


  19   Exhibit (8)(A3)

 

  (b)

Neither the Company, the Fund, or Underwriter, or any of their affiliates, may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, and Underwriter (on its own behalf and the Fund’s behalf) agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company and the Underwriter (on its own behalf and the Fund’s behalf) agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company and Underwriter (on its own behalf and the Fund’s behalf) agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company and Underwriter (on its own behalf and the Fund’s behalf) further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to


  20   Exhibit (8)(A3)

 

 

seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3     The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4     This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5     If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6     Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7     The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8     This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9     The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.


  21   Exhibit (8)(A3)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY
  ASSOCIATION OF AMERICA
  By its authorized officer
  By:   /s/ Hal Moody
  Title:   Senior Director
  Date:   8/17/2016
UNDERWRITER :   ARIEL DISTRIBUTORS, LLC
  By its authorized officer
  By:   /s/ Merrillyn J. Kosier
  Title:     President
  Date:   8/19/2016


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

 

 

  Contracts Funded  

by Separate

Account

 

  

Designated Portfolios

 

TIAA Separate Account VA-3

May 17, 2006

  Access Annuities   

Fund Names:

 

 

Ariel Fund

            Institutional Class

                         ARAIX

                          040337842

 

Ariel Appreciation Fund

            Institutional Class

                         CAAIX

                          040337834

 

Ariel Focus Fund

            Institutional Class

                         AFOYX

                          040337826

 

Ariel Discovery Fund

            Institutional Class

                         ADYIX

                          040337818

 

Ariel International Fund

            Institutional Class

                         AINIX

                          040337875

 

Ariel Global Fund

            Institutional Class

                         AGLYX

                          040337859

 


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Underwriter will cause the Fund to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 120 consecutive Business Days

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account


number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Underwriter (on its own behalf and the Fund’s behalf) agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Underwriter (on its own behalf and the Fund’s behalf) agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but


does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will immediately notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effected by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

Compensating the Company for its Expenses. For each Price Error occurrence, Underwriter shall promptly pay for systems and reasonable out of pocket costs (including the costs attributable to preparing and mailing revised statements) up to a maximum of the lesser of $10,000 or the amount of management fees payable to the Fund’s investment manager through the Accounts’ ownership of the Fund for the twelve (12) month period prior to the occurrence of the Price Error; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

  1   Exhibit (8)(A4)

 

PARTICIPATION AGREEMENT

Among

THE ADVISORS’ INNER CIRCLE FUND II,

CHAMPLAIN INVESTMENT PARTNERS LLC,

SEI INVESTMENTS DISTRIBUTION CO.,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this            day of July, 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), The Advisors’ Inner Circle Fund II (the “Trust”), a Massachusetts business trust, on behalf of Champlain Funds (hereinafter the “Fund”), Champlain Investment Partners LLC (hereinafter the “Adviser”), and SEI Investments Distribution Co. (hereinafter the “Underwriter”), a Pennsylvania corporation.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and


  2   Exhibit (8)(A4)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Underwriter agrees to offer to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.

1.3       The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.


  3   Exhibit (8)(A4)

 

1.4        The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 8:00 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.5       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.6       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 5:00 p.m., but in any event no later than 6:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.4 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.6). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.

1.7       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.8       The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in


  4   Exhibit (8)(A4)

 

additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.9       The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company promptly upon discovery.

1.10         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.


  5   Exhibit (8)(A4)

 

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.12 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.11     The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.

1.12     Pursuant to Rule 22c-2 of the 1940 Act, the Fund and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

ARTICLE II.  Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and


  6   Exhibit (8)(A4)

 

warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3       To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4       The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5       The Fund represents that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with any applicable state and federal securities laws.

2.7       The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with any applicable state and federal securities laws.

2.8       The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.


  7   Exhibit (8)(A4)

 

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10       The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11       The Adviser represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser and the Underwriter represent that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser agrees to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.

ARTICLE III.   Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund shall provide the Company with as many copies of the Fund’s current prospectus and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other


  8   Exhibit (8)(A4)

 

assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2       The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3       The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Fund, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Fund shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4       The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,


  9   Exhibit (8)(A4)

 

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5       The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1       The Fund and Adviser hereby grant to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its name, the name of Adviser and the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Adviser, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Adviser appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Adviser reasonably objects to such use within ten calendar days after receipt of such material. Adviser reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Adviser so objects. All such use by Company of such material shall be in accordance with Adviser’s reasonable policies regarding advertising and trademark use. Adviser, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Adviser has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Adviser’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Adviser. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Adviser’s trademarks anywhere in the world. Adviser may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Adviser or a Fund. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Adviser except as the parties may agree in writing.

4.2       The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or


  10   Exhibit (8)(A4)

 

prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

4.3       The Fund, Adviser, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.      The Fund and the Adviser shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Fund or Adviser will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6       The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7        For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.


  11   Exhibit (8)(A4)

 

4.8       The Fund and Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.   Fees and Expenses

5.1       The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses, then the Underwriter may make payments to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Underwriter in writing, and such payments will be made out of existing fees otherwise payable to the Underwriter, past profits of the Underwriter, or other resources available to the Underwriter. No such payments shall be made directly by the Fund.

5.2       All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

5.3       The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.  Qualification

6.1       The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2       The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such


  12   Exhibit (8)(A4)

 

treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1        Indemnification By the Company

7.1(a).  The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or


  13   Exhibit (8)(A4)

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).   The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).  The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests


  14   Exhibit (8)(A4)

 

 

between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).    The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2       Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Underwriter or persons under their control, with respect to the sale or distribution of Fund shares; or

 

  (iii)

arise out of any untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or


  15   Exhibit (8)(A4)

 

 

Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b).   The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).   The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to


  16   Exhibit (8)(A4)

 

assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).    The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3       Indemnification By the Fund

7.3(a).   The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including legal and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to the operations of the Fund and:

 

  (i)

arise as a result of any material failure by the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.


  17   Exhibit (8)(A4)

 

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).   The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).   The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Fund and such Fund is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense thereof. The Fund also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Fund to such party of the Fund’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Fund and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Fund will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Fund agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.3(d).   The Company and the Underwriter agree promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.


  18   Exhibit (8)(A4)

 

ARTICLE VIII.  Applicable Law

8.1       This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2       This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1       This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or


  19   Exhibit (8)(A4)

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2       Notice Requirement.  No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3       Effect of Termination.  Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.


  20   Exhibit (8)(A4)

 

9.4       The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5       Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Advisors’ Inner Circle Fund II on behalf of Champlain Funds

c/o SEI Investments

1 Freedom Valley Drive

Oaks, PA 19456

Attention : General Counsel

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

If to Underwriter:

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, PA 19456

Attention : General Counsel


  21   Exhibit (8)(A4)

 

If to Adviser:

Champlain Investment Partners LLC

180 Battery Street

Burlington, VT 05401

Attention:

ARTICLE XI.  Miscellaneous

11.1     All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2     Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter each represent and warrant that it has adopted and implemented procedures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential


  22   Exhibit (8)(A4)

 

 

Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company and otherwise ensure that it is in compliance with the Gramm-Leach-Bliley Act of 1999 and regulations promulgated thereunder, as applicable. The Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.


  23   Exhibit (8)(A4)

 

11.3     The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4     This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5     If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6     Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7     The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8     This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9     The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.


  24   Exhibit (8)(A4)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:

  

TEACHERS INSURANCE AND ANNUITY

ASSOCIATION OF AMERICA

  

By its authorized officer

  

By:

  

/s/ Hal Moody

  

Title:

  

Senior Director

  

Date:

  

10/10/2016

FUND:

  

ADVISORS’ INNER CIRCLE FUND II on behalf of CHAMPLAIN FUNDS

  

By its authorized officer

  

By:

  

/s/ Dianne Descoteaux

  

Title:

  

Vice President and Secretary

  

Date:

  

9/21/2016

UNDERWRITER:

  

SEI INVESTMENTS DISTRIBUTION CO.

  

By its authorized officer

  

By:

  

/s/ Michael Reese

  

Title:

  

Vice President

  

Date:

  

9/22/2016


  25   Exhibit (8)(A4)

 

ADVISER:

  

CHAMPLAIN INVESTMENT PARTNERS LLC

  

By its authorized officer

  

By:

  

/s/ Judith W. O’Connell

  

Title:

  
  

Date:

  

9/19/2016


SCHEDULE A

 

Name of Separate Account
and Date Established by
Board of Trustees
  

Contracts Funded  

by Separate  

Account  

   Designated Portfolios     

TIAA Separate Account VA-3

May 17, 2006

   Access Annuities    Champlain Funds   


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

C.    Form and Timing of Response.

The Company agrees to provide promptly, but in any event not later than five (5) business days, after receipt of a request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder for any reason deemed appropriate by the Fund, including for a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific


restriction(s) to be executed, including the length of time such restriction shall remain in place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.


The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Fund will promptly notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance and Fund procedures. Fund may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Fund will also communicate to Company the amount and nature of any changes to Fund’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Fund shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Fund, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

Compensating the Company for its Expenses. If the pricing error occurred through no fault of the Company, the Adviser shall reimburse Company, or cause the party responsible for the error to reimburse the Company for reasonable and demonstrable systems and out of pocket costs (including preparing and mailing revised statements) specifically related to the price correction up to $10,000 for each Price Error occurrence if such costs or expenses are a result of a Fund’s failure to provide correct net asset values; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

Exhibit (8)(A5)    

PARTICIPATION AGREEMENT

Among

DELAWARE INVESTMENTS FAMILY OF FUNDS,

DELAWARE MANAGEMENT COMPANY,

a series of Delaware Management Business Trust

DELAWARE DISTRIBUTORS, L.P.

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this           day of   September, 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), the Funds list on Schedule A ( each a “Fund”), and each an open-end management investment company under the Investment Company Act of 1940, Delaware Management Company (hereinafter the “Adviser”), a series of Delaware Management Business Trust, a Delaware statutory trust and Delaware Distributors, L.P. (hereinafter the “Underwriter”), a Delaware limited partnership.

WHEREAS, each Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

 

1


Exhibit (8)(A5)    

 

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.

 

2


Exhibit (8)(A5)    

 

1.3       The Fund and the Underwriter will not sell Fund shares to any insurance company or separate account unless an agreement containing provisions substantially the same as Articles I and III of this Agreement is in effect to govern such sales.

1.4       The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Fund will not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to individual Accounts. The Company alone will be responsible for such action.

1.5       The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 8:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.

 

3


Exhibit (8)(A5)    

 

1.8       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9       The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10     The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company as soon as practicable after discovering the need for any adjustments. In no event, however, will the Fund be liable for material errors in calculating or reporting net asset values where such errors are the result of information supplied by the Company or persons under its control.

1.11         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Fund/SERV and Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV and Networking systems (“NSCC Systems”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the

 

4


Exhibit (8)(A5)    

 

NSCC Systems by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the NSCC Systems and to limit the access to, and the inputting of data into, NSCC Systems to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the NSCC Systems by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the NSCC Systems, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the NSCC Systems shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the NSCC Systems for a particular transaction, or (ii) there are technical problems with the NSCC Systems that render it impracticable for a party to transmit or receive information through the NSCC Systems, the party who determines not to use the NSCC Systems will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.12 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.13     The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Section 1.3 and Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.

1.14     Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

 

5


Exhibit (8)(A5)    

 

ARTICLE II.   Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3       To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4       The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5       The Fund represents that it is lawfully organized and validly existing under the laws of the state of Delaware and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

 

6


Exhibit (8)(A5)    

 

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with the laws of the State of New York and any applicable state and federal securities laws.

2.7       The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with the laws of the State of New York and any applicable state and federal securities laws.

2.8       The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10     The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11     The Adviser represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser represents that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to

 

7


Exhibit (8)(A5)    

 

claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser agrees to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.

2.12     The Company represents and acknowledges that the current eligibility requirements of the Class R6 Funds set forth on Schedule A hereto are as follows:

 

   

Class R6 shares are generally available only to certain employer-sponsored retirement plans, such as 401(k) plans, 457 plans, 403(b ) plans, profit-sharing plans and money purchase pension plans, defined benefit plans, employer-sponsored benefit plans, and non-qualified deferred compensation plans.

 

   

In addition, the Class R6 shares must be held through plan level or omnibus accounts held on the books of the Fund, and Class R6 shares are only available for purchase through financial intermediaries who have the appropriate agreement with the Distributor (or its affiliates) related to Class R6.

 

   

Class R6 shares generally are not available to nonretirement accounts, traditional individual retirement accounts (IRAs), Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, owner-only 401(k) plans, or 529 college savings plans.

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

 

8


Exhibit (8)(A5)    

 

3.2       The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3       The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4       The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5       The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c)

 

9


Exhibit (8)(A5)    

 

of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1       The Company agrees and acknowledges that the Company has no right, title or interest in the names and marks of the Fund, Adviser and Underwriter and that all use of any designation comprised in whole or part or such names or marks under this Agreement shall inure to the benefit of the Fund, the Adviser and the Underwriter. Except as provided in this Section 4.1, the Company shall not use any such names or marks on its own behalf or on behalf of a Separate Account in connection with marketing the Contracts without prior written consent of the Fund, the Adviser or the Underwriter. Upon termination of this Agreement for any reason, the Company shall cease all use of any such names or marks. Notwithstanding the foregoing, if the Company uses the Fund’s, the Adviser’s and/or the Underwriter’s trademark(s) and/or name(s) in or as a part of sales literature or other promotional materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks and will provide the Company with sufficient notice to implement any such changes. Company acknowledges and agrees that (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind Company’s use of the trademarks of the Fund, the Adviser and/or the Underwriter, at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Adviser or a Fund. Upon the expiration or termination of this Agreement, Company shall cease using the trademarks of the Fund, the Adviser and/or the Underwriter except as the parties may agree in writing.

4.2       Neither the Company nor any person contracting with the Company shall give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

 

10


Exhibit (8)(A5)    

 

4.3       The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.       The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6       The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7       For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8       The Fund and Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund    

 

11


Exhibit (8)(A5)    

 

will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1       The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement.

5.2       All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

5.3       The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.  Qualification

6.1       The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2       The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1       Indemnification By the Company

7.1(a).   The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all

 

12


Exhibit (8)(A5)    

 

losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including reasonable legal and other expenses) (for purposes of this Section 7.1, collectively a “Loss”), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

 

13


Exhibit (8)(A5)    

 

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

For purposes of this Section 7.1, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Company to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).  The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).    The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

 

14


Exhibit (8)(A5)    

 

7.2         Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including reasonable legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or sales literature or other promotional materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in sales literature or other promotional materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or sales literature or other promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or sales literature or other promotional materials of the Contracts, or any amendment thereof or supplement thereto, or the

 

15


Exhibit (8)(A5)    

 

 

omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b).  The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).  The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense of such action. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any

 

16


Exhibit (8)(A5)    

 

additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).     The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3        Indemnification By the Fund

7.3(a).    The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including reasonable legal and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to the operations of the Fund and:

 

  (i)

arise as a result of any material failure by the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

 

17


Exhibit (8)(A5)    

 

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).    The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).    The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Fund and such Fund is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense of such action. The Fund also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Fund to such party of the Fund’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Fund and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Fund will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Fund agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.3(d).   The Company and the Underwriter agree promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

 

18


Exhibit (8)(A5)    

 

ARTICLE VIII.  Applicable Law

8.1        This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2        This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1       This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by sixty (60) days advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

19


Exhibit (8)(A5)    

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2       Notice Requirement.    No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3       Effect of Termination.    Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

 

20


Exhibit (8)(A5)    

 

9.4        The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5        Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail (postage prepaid, return receipt requested) or by prepaid courier (return receipt requested) to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Delaware Investments Family of Funds

One Commerce Square, 2005 Market Street

Philadelphia, PA 19103

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

If to Underwriter:

Delaware Distributors, L.P.

One Commerce Square, 2005 Market Street

Philadelphia, PA 19103

If to Adviser:

Delaware Management Company

One Commerce Square, 2005 Market Street

Philadelphia, PA 19103 - With a copy to General Counsel at the same address.

 

21


Exhibit (8)(A5)    

 

ARTICLE XI. Miscellaneous

11.1        All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2      Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the

 

22


Exhibit (8)(A5)    

 

 

Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3      The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4      This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

 

23


Exhibit (8)(A5)    

 

11.5      If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6      Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may reasonably request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7      The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8      This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9      The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

11.10    Anti-Money Laundering Compliance. Each party to this Agreement acknowledges that it is a financial institution subject to the USA Patriot Act of 2001 and the Bank Secrecy Act (collectively, the “AML Acts”), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each party represents and warrants that it is in compliance and will continue to comply with the AML Acts and applicable rule thereunder (“AML Laws”). Each party hereby represents that it has adopted policies and procedures that are reasonably designed to comply with the AML Laws. Subject to the applicable provisions of the AML Laws regarding the sharing of information each party shall inform the other of any suspicious activities in a commercially reasonable and timely manner.

 

24


Exhibit (8)(A5)    

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY
  ASSOCIATION OF AMERICA
  By its authorized officer
  By:    /s/ Hal Moody
  Title:    Senior Director
  Date:    9/29/2016
FUND:   DELAWARE INVESTMENTS FAMILY OF FUNDS
  By its authorized officer
  By:    /s/ David F. Connor
  Title:    Senior Vice President/General Counsel
  Date:    9/19/2016
UNDERWRITER:   DELAWARE DISTRIBUTORS, L.P.
  By its authorized officer
  By:    /s/ Brett Wright
  Title:    President
  Date:    9/19/2016

 

25


Exhibit (8)(A5)    

 

ADVISER:  

DELAWARE MANAGEMENT COMPANY, a series

of Delaware Management Business Trust

  By its authorized officer
  By:    /s/ Susan Natalini
  Title:    Senior Vice President
  Date:    9/19/2016

 

26


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

  

Contracts Funded  
by Separate  

Account  

     

TIAA Separate Account VA-3

May 17, 2006

   Access Annuities (for qualified pension and retirement plans)     

DESIGNATED PORTFOLIOS

 

Fund   

Number   

  

Registrant

 

   Fund Name   

  Share  

  Class  

   Type   

CUSIP

Number

  

NASDAQ

Symbol

199        Delaware Group® Adviser Funds   

Delaware

Diversified Income

   R6*    Fixed Income      245917612        DPZRX
200        Delaware Group® Global & International Funds    Delaware Emerging Markets    R6*    Equity    245914510    DEMZX
487        Delaware Group® Income Funds   

Delaware Extended

Duration Bond

   R6*    Fixed Income      245908629    DEZRX
548        Delaware Pooled® Trust    Delaware REIT    R6*    Equity    246248454    DPRDX
488        Delaware Group® Equity Funds V   

Delaware Small Cap 

Core

   R6*    Equity    24610B826    DCZRX
489        Delaware Group® Equity Funds V    Delaware Small Cap Value    R6*    Equity    24610B818    DVZRX
500        Delaware Group® Equity Funds IV    Delaware Smid Cap Growth    R6*    Equity    24610A505    DFZRX
517        Delaware Group® Adviser Funds    Delaware U.S. Growth    R6*    Equity    245917596    DUZRX
518        Delaware Group® Equity Funds II    Delaware Value    R6*    Equity    24610C840    DDZRX

  *No fees will be paid to financial intermediary for any investments in Class R6 Shares.


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

C.    Form and Timing of Response.

The Company agrees to provide promptly, but in any event not later than five (5) Business Days upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in


place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements, and to ensure compliance with the Fund’s compliance policies and procedures.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.


The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will notify Company of the Price Error as soon as practicable after discovering the need for any adjustments. The materiality of an incorrect price will be determined with reference to applicable SEC guidance, however, Underwriter reserves the right to follow its own guidelines. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts affected by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

In no event, however, will the Fund be liable for material errors in calculating or reporting net asset values where such errors are the result of information supplied by the Company or persons under its control.

In the event the Company has to reprocess accounts due solely to an incorrect NAV submitted to Company by a Fund, the Parties shall discuss in good faith whether Underwriter will reimburse Company for its actual direct expenses incurred in reprocessing.

Exhibit (8)(A6)

PARTICIPATION AGREEMENT

Among

JPMORGAN TRUST II,

JPMORGAN DISTRIBUTION SERVICES, INC.,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this          day of                      , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), JPMorgan Trust II (hereinafter the “Fund”) on behalf of the Portfolio (as defined herein), a Delaware statutory trust, and JPMorgan Distribution Services, Inc. (hereinafter the “Underwriter”), a Delaware corporation.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and


Exhibit (8)(A6)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1        Subject to 1.2 below, the Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2        The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s Prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) or its designee may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio in the sole discretion of the Board.

1.3        [RESERVED]

1.4        The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the Fund’s then current Prospectus.

1.5        The Company will make available shares to Contract owners only in accordance with the terms and conditions of the applicable Portfolio’s current prospectus (“Prospectus”) and Statement of Additional Information (“SAI”) and applicable rules, regulations and requirements. The Company will make no representations concerning any shares not included in the Prospectus or SAI or in any authorized supplemental sales material supplied to Company by JPMDS or the Funds. The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current Prospectus of the Fund and in accordance with the provisions of such Prospectus to the extent not inconsistent with the terms and conditions of this Agreement.


Exhibit (8)(A6)

 

1.6        [RESERVED]

1.7        All accepted orders for the purchase of any shares shall be executed at the next determined public offering price per share (i.e., the net asset value per share plus the applicable initial sales load, if any) and all accepted orders for the redemption of any shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus and SAI. Any applicable deferred sales charge, redemption fee, or similar charge or fee will be deducted by the Portfolio prior to the transmission of the redemption proceeds to Company or its customer. The Underwriter and the Portfolio reserve the right to reject any purchase request in their sole discretion.

 

  (a) The execution of all orders for share transactions will be subject to the terms of the Prospectus and SAI and the Underwriter’s written instructions to Company from time to time, and if executed through Fund/SERV, the DTCC’s rules and procedures. Specifically, the Company certifies that:

 

  (i) all orders received by Company or its “Correspondents” (as defined in Section B.2. (e) below) prior to the close of a Portfolio (generally, 4:00 p.m., Eastern Time (“ET”) (each close of a Portfolio, a “Market Close”) on any day that a Portfolio is open for business (“Day 1”) will be electronically transmitted to the Portfolio by 8:00 a.m., ET on the next day that the Portfolio is open for business (“Day 2”) (such orders are referred to as “Day 1 Trades”); and

 

  (ii) all orders received by Company or its Correspondents after the final Market Close on Day 1, but prior to the final Market Close on Day 2 (“Day 2 Trades”) will be electronically transmitted to the Portfolio by 8 a.m., ET on the second day that the Portfolio is open for business following Day 1.

 

  (iii) if the Company cannot electronically transmit Day 1 Trades to the Portfolios by 8:00 a.m., ET on Day 2, Company will transmit such orders by facsimile prior to the beginning of trading on the New York Stock Exchange (generally 9:30 a.m. ET) on Day 2.

 

  (b) Day 1 Trades will be effected at the net asset value per share next calculated by the Portfolio following receipt of the trade by the Company or its Correspondents on Day 1, and Day 2 Trades will be effected at the net asset value per share next calculated by the Portfolio following receipt of the trade by Company or its Correspondents on Day 2. Dividends shall accrue as set forth in the applicable Prospectus and SAI.

 

  (c) Payments for shares shall be made as specified in the Prospectus. If payment for any purchase order is not received in accordance with the terms of the Prospectus, Underwriter reserves the right, without notice, to cancel the sale and to hold the Company responsible for any loss sustained as a result thereof, including loss of profit.

 

  (d) Company confirms that it will be considered the Portfolios’ agent for the sole purpose of receiving purchase and redemption orders from its customers and transmitting them to the Portfolios. Company may authorize such intermediaries as it deems appropriate (“Correspondents”) to receive orders on the Portfolios’ behalf. Company shall be liable to the Portfolios for each Correspondent’s compliance with applicable regulations, requirements and this Article I to the same extent as if Company itself had acted or failed to act instead of the Correspondent.


Exhibit (8)(A6)

 

1.8        Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9        The Fund shall furnish same day notice (by electronic media) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10      The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value pursuant to Schedule C as subsequently determined by the Fund. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company promptly upon discovery. In the event the Company has to reprocess accounts due solely to an incorrect net asset value submitted to Company by a Fund through no fault of the Company, the Parties shall discuss in good faith whether Underwriter will reimburse Company for its actual direct expenses incurred in reprocessing.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.13      The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares will be sold the general public and may be sold to other insurance companies and the cash value of the Contracts may be invested in other investment companies.


Exhibit (8)(A6)

 

1.14     Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

1.15   The Company agrees that neither the Portfolio, the Underwriter nor any of their affiliates or agents will have any responsibility or liability to review any purchase or redemption request which is presented by Company (i) to determine whether such request is genuine or authorized by the Company’s customer or (ii) to determine the suitability of a particular Fund or class of shares for such customer. The Portfolio, the Underwriter and their affiliates and agents will be entitled to rely conclusively on any purchase or redemption request communicated to the Portfolio by Company, and will have no liability whatsoever for any losses, claims or damages to or against Company or any of its customers resulting from the failure of Company to transmit any such request, or from any errors contained in any request.

1.16     The Company agrees that it will at all times follow relevant rules, regulations and requirements in connection with the handling of orders for transactions in the Fund, including, without limitation: (i) Rule 22c-1(a) and other applicable rules under the Investment Company Act of 1940, as amended (“Investment Company Act”); (ii) the provisions of this Agreement and (iii) the Portfolio’s Prospectus and statement of additional information.

1.17  The Company further agrees that it: (i) has adopted and implemented and will monitor, on a continuous basis, its compliance with procedures reasonably designed to prevent violations of relevant law, regulation with respect to late trading, market timing and abusive trading practices; (ii) has determined that each Correspondent has adopted and implemented and will monitor, on a continuous basis, its compliance with its own internal procedures reasonably designed to prevent violations of relevant law, regulation and Prospectus and SAI requirements with respect to late trading, market timing and abusive trading practices (iii) will provide information and further certification to Underwriter or its designee to verify compliance with this Agreement; and (iii) will cooperate in monitoring and enforcing (to the extent operationally feasible) the Portfolio’s market timing, late trading, and any redemption fee policies as set forth in the Portfolio’s Prospectus and such other policies established by the Portfolio from time to time.

ARTICLE II.  Representations and Warranties

2.1        The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the


Exhibit (8)(A6)

 

extent deemed advisable by the Company. The Company will at all times comply in all material respects with all applicable laws. The Company represents that it is an insurance company and that all purchases of shares are being made by the Separate Account maintained by the Company and not by the Contract owners. The Company agrees that the Portfolios are relying on this representation in determining that such sales qualify for institutional investor exemptions under state blue sky laws. Company will not knowingly accept or act upon any instructions to purchase shares from a customer located outside the United States of America or for the account of any non-US person. However, the Account is the owner of the Fund shares and Contract owners do not have any direct ownership in those shares.

2.2    Company understands and acknowledges that the Portfolios may offer shares in multiple classes, and represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of shares, (ii) that each customer is offered only shares that are suitable investments for him or her, (iii) that each customer is given the opportunity to obtain sales charge break points or other sales charge reductions and discounts as detailed in the Prospectus and SAI, and (iv) proper supervision of its representatives in recommending and offering the shares of multiple classes to its customers.

2.3        The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.4        The Fund represents that a majority of its disinterested trustees have approved the Trust’s distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

2.5        The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states.

2.6        The Fund represents that it is lawfully organized and validly existing under the laws of the state of Delaware and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.7        The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with any applicable securities laws.

2.8        The Underwriter represents and warrants that the Fund’s investment adviser is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with any applicable securities laws.


Exhibit (8)(A6)

 

2.8        [RESERVED]

2.9        The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10      [RESERVED]

2.11     The Underwriter represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO with regard to its operation of the Designated Portfolios. In addition, the Underwriter represents that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA with regard to any commodity interest trading advice it provides the Designated Portfolios. To the extent that the investment manager to the Fund(s) becomes no longer eligible to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Underwriter agrees to provide the Company with prompt notice, in writing, of such change in regulatory status

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       Company will forward or cause to be forwarded to Contract owners the Prospectus, SAI, periodic financial reports, proxy materials and other Portfolio communications as required to be delivered to, or received by, Contract owners under applicable law or as reasonably requested by Underwriter or a Portfolio. At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Prospectus and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Prospectus and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said Prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new Prospectus as set in type or on a


Exhibit (8)(A6)

 

diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the Prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s Prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Prospectus through electronic means to facilitate the Company’s efforts to provide Prospectuses via electronic delivery. Company shall update its website with the most recent version of a Prospectus no earlier than the date of such Prospectus or supplement and shall remove from its website any earlier copies of the Prospectus or supplement no later than the time for which the effectiveness of such Prospectus expires.

3.2        The Fund, at its expense, shall print, or otherwise reproduce, and provide sufficient copies of its current statement of additional information (“SAI”) and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3        The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4        The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,


Exhibit (8)(A6)

 

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

ARTICLE IV.  Sales Material and Information

4.1        Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, its name, the name of the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind this license at any time in its sole discretion by providing written notice. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Underwriter except as the parties may agree in writing.

4.2        The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or Prospectus or SAI for the Fund shares, as such registration statement and Prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the written permission of the Fund or the Underwriter.

4.3        The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.       The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement,


Exhibit (8)(A6)

 

prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the written permission of the Company.

4.5        [RESERVED]

4.6        The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7        For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8        The Underwriter will provide the Company with as much notice as it deems is reasonably practicable of any proxy solicitation for any Designated Portfolio, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies. The Fund will cooperate with the Company, so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1        Except as otherwise provided in this Agreement, the Fund shall pay no fee, other compensation or other expenses under this Agreement. The Fund may, however, pay the Company servicing fees under a written servicing agreement for certain Portfolios pursuant to the services plan it has adopted. In addition, the Trust has adopted a plan pursuant to Rule 12b-1 to finance distribution expenses for certain Portfolios, and the Trust’s distributor may pay fees under such plan to the Company or to a designated affiliate under a separate written agreement between such parties.

5.2        All expenses, including expenses to be borne by the Fund pursuant to Section Article III hereof, incident to performance by the Trust under this Agreement shall be paid by the Fund. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares.

5.3        The parties shall bear the expenses of printing the Fund’s Prospectus, SAI and other documents and of distributing the Fund’s Prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.


Exhibit (8)(A6)

 

ARTICLE VI.  Qualification

6.1         The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company promptly upon ceasing to so qualify. Company acknowledges that the Portfolio is offered to the general public and it not intended to and may not comply with the diversification requirements of Section 817(h) of the Internal Revenue Code of 1986, as amended, and Treas. Reg. 1-817.5 thereunder.

6.2         The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1         Indemnification By the Company

7.1(a).  The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon


Exhibit (8)(A6)

 

 

and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, Prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, Prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

(iv)       arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

(v)        arise out of any Contract owner’s claim arising from a Fund’s failure to comply with the diversification requirements of Section 817(h) of the Internal Revenue Code of 1986, as amended, and Treas. Reg. 1-817.5 thereunder; or

 

  (vi)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).   The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).  The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the


Exhibit (8)(A6)

 

Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).     The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2         Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or Prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based


Exhibit (8)(A6)

 

 

upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or Prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

[RESERVED]

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

7.2(b).  The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).  The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on


Exhibit (8)(A6)

 

any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).     The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.2(e) Notwithstanding anything herein to the contrary, no party hereto shall be liable for special, consequential or incidental damages. This indemnity agreement will be in addition to any liability which the parties may otherwise have.

ARTICLE VIII.  Applicable Law

8.1         This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2         This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.


Exhibit (8)(A6)

 

ARTICLE IX.  Termination

9.1        This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, upon 90 days’ advance written notice delivered to the other parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or


Exhibit (8)(A6)

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2        Notice Requirement.  No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3        Effect of Termination.  Notwithstanding any termination of this Agreement, the Fund may, in its sole discretion, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”) unless such further sale of Fund shares is proscribed by law, regulation or applicable regulatory body, or unless the Fund determines otherwise in its sole discretion, including if liquidation of the Fund is in the best interests of the Fund and its shareholders. Subject to the terms herein, if the Fund becomes publicly offered on a limited basis, the Fund may, in its sole discretion, elect to work with the Company to make additional shares of the Fund available to Existing Contracts to the extent practicable.

9.4        The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5        Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.


Exhibit (8)(A6)

 

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

JPMorgan Trust II.

Mail Code OH1-1019

1111 Polaris Parkway

OH1-1019

Columbus, Ohio 43240

Attn: Contract Administrator

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention:  Mike Kloss

If to Underwriter:

J.P. Morgan Distribution Services, Inc.

Mail Code OH1-1019

1111 Polaris Parkway

OH1-1019

Columbus, Ohio 43240

Attn: Contract Administrator

ARTICLE XI.  Miscellaneous

11.1      All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2   The Company will comply with all applicable laws and regulations aimed at preventing, detecting, and reporting money laundering and suspicious transactions. Without limiting the generality of the foregoing, the Company shall take all necessary and appropriate steps, consistent with applicable regulations and generally accepted industry practices, to: (i) obtain, verify, and retain information with regard to Contract owner identification and source of Contract owner funds, and (ii) maintain records of all Contract owner transactions. The Company will take all steps necessary and appropriate to provide the Fund with any requested information about


Exhibit (8)(A6)

 

Contract owners and their accounts in the event that the Fund shall request such information due to an inquiry or investigation by any law enforcement, regulatory, or administrative authority. To the extent permitted by applicable law and regulations, the Company will notify the Fund of any concerns that the Company may have in connection with any Contract owner in the context of relevant anti-money laundering laws or regulations

11.3  Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 
  (b)

Neither the Company, the Fund or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 
  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.


Exhibit (8)(A6)

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 
  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 
  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3      The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4      This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5      If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6      The Underwriter and the Company each agree to cooperate in a reasonable manner with each other in the event that any of them should become involved in a regulatory investigation by a governmental authority (including without limitation the SEC, FINRA, and state insurance regulators) as a result of performing its obligations under this Agreement.


Exhibit (8)(A6)

 

11.7      The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8      This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9      The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

11.10     Company will maintain all records required to be kept by state and federal law, regulation or rules relating to transactions in shares and, upon request by the Fund, will promptly make such records available to the Fund or their designee.

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY  
  ASSOCIATION OF AMERICA  
  By its authorized officer  
  By:   /s/ Hal Moody  
  Title:   Senior Director  
  Date:  

 

 


Exhibit (8)(A6)

 

FUND:   JPMORGAN TRUST II  
  By its authorized officer  
  By:   /s/ Julie Roach  
  Title:   Assistant Treasurer  
  Date:  

 

 
UNDERWRITER:   JPMORGAN DISTRIBUTION SERVICES, INC.,  
  By its authorized officer  
  By:   /s/ Susan Montgomery  
  Title:   President  
  Date:  

 

 


Exhibit (8)(A6)

 

SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

 

 Contracts Funded   

 by Separate  

 Account  

   Designated Portfolios

TIAA Separate Account VA-3

May 17, 2006

  Access Annuities   

JPMorgan Small Cap Value

Fund – Class R6 Shares


Exhibit (8)(A6)

 

SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account


Exhibit (8)(A6)

 

number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund


Exhibit (8)(A6)

 

as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


Exhibit (8)(A6)

 

SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will promptly notify Company of the Price Error. The materiality of an incorrect price shall be based on the Fund’s policy for correction of pricing errors. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effected by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

  1   Exhibit (8)(A7)

 

PARTICIPATION AGREEMENT

Among

THE LAZARD FUNDS, INC.,

LAZARD ASSET MANAGEMENT LLC,

LAZARD ASSET MANGEMENT SECURITIES LLC,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this          day of                     , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), The Lazard Funds, Inc. (hereinafter the “Fund”), a Maryland corporation, Lazard Asset Management LLC (hereinafter the “Adviser”), and Lazard Asset Management Securities LLC (hereinafter the “Underwriter”), a New York limited liability company.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and


  2   Exhibit (8)(A7)

 

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Underwriter agree as follows:

ARTICLE I. Sale of Fund Shares

1.1      The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2      The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.


  3   Exhibit (8)(A7)

 

1.3      The Fund and the Underwriter will not sell Fund shares to any insurance company or separate account unless an agreement containing provisions substantially the same as Articles I and III of this Agreement is in effect to govern such sales.

1.4      The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.

1.5      The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6      The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7      The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.


  4   Exhibit (8)(A7)

 

1.8      Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9      The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10    The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its commercially reasonable efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company immediately upon discovery.

1.11        If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.


  5   Exhibit (8)(A7)

 

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.12 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.13    The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Section 1.3 and Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.


  6   Exhibit (8)(A7)

 

1.14    Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

ARTICLE II. Representations and Warranties

2.1      The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2      The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3      To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4      The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5      The Fund represents that it is lawfully organized and validly existing under the laws of the state of Maryland and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6      The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered


  7   Exhibit (8)(A7)

 

under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with the laws of the State of New York and any applicable state and federal securities laws.

2.7      The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with the laws of the State of New York and any applicable state and federal securities laws.

2.8      The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9      The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its commercially reasonable efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10      The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11      The Adviser and Underwriter represent that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser and the Underwriter represent that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser and Underwriter agree to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.


  8   Exhibit (8)(A7)

 

ARTICLE III. Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1      At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2      The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3      The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall


  9   Exhibit (8)(A7)

 

reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4      The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5      The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV. Sales Material and Information

4.1      Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, its name, the name of Adviser and the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Underwriter’s trademark(s) and/or the Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after


  10   Exhibit (8)(A7)

 

receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Adviser or a Fund. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Underwriter except as the parties may agree in writing.

4.2      The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

4.3      The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.      The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5      The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6      The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales


  11   Exhibit (8)(A7)

 

Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7      For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8      The Fund and Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1      The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses, then the Underwriter may make payments to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Underwriter in writing, and such payments will be made out of existing fees otherwise payable to the Underwriter, past profits of the Underwriter, or other resources available to the Underwriter. No such payments shall be made directly by the Fund.

5.2      All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.


  12   Exhibit (8)(A7)

 

5.3      The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.  Qualification

6.1      The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2      The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1      Indemnification By the Company

7.1(a). The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including reasonable legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or


  13   Exhibit (8)(A7)

 

 

omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).  The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).  The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such


  14   Exhibit (8)(A7)

 

action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).  The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2      Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including reasonable legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or


  15   Exhibit (8)(A7)

 

 

supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement; or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

7.2(b).  The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.


  16   Exhibit (8)(A7)

 

7.2(c).  The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).  The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3      Indemnification By the Fund

7.3(a).  The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including reasonable legal and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages,


  17   Exhibit (8)(A7)

 

liabilities or expenses (or actions in respect thereof) or settlements, are related to the operations of the Fund and:

 

  (i)

arise as a result of any material failure by the Fund to provide the services and furnish the materials under the terms of this Agreement; or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

7.3(b).  The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).  The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Fund and such Fund is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense thereof. The Fund also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Fund to such party of the Fund’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Fund and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests


  18   Exhibit (8)(A7)

 

 

between them. The Fund will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Fund agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.3(d).  The Company and the Underwriter agree promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

ARTICLE VIII.  Applicable Law

8.1        This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2        This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1      This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state


  19   Exhibit (8)(A7)

 

 

or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations or financial condition since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations or financial condition since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 90 days prior written notice to the Fund of the date of substitution.


  20   Exhibit (8)(A7)

 

9.2      Notice Requirement. No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3      Effect of Termination. Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4      The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5      Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

The Lazard Funds, Inc.

c/o Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

If to the Company:

TIAA

8500 Andrew Carnegie Blvd


  21   Exhibit (8)(A7)

 

Charlotte, North Carolina 28262

Attention:   Mike Kloss

If to Underwriter:

Lazard Asset Management Securities LLC

c/o Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

If to Adviser:

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

Attention: General Counsel

ARTICLE XI.  Miscellaneous

11.1      All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2       Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom.

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any


  22   Exhibit (8)(A7)

 

 

other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances.

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent


  23   Exhibit (8)(A7)

 

 

jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3    The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4    This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5    If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6    Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7    The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8    This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9    The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.


  24   Exhibit (8)(A7)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   

TEACHERS INSURANCE AND ANNUITY

ASSOCIATION OF AMERICA

  
   By its authorized officer   
   By:      /s/ Hall Moody   
   Title:   Senior Director   
   Date:   9/28/2016   
FUND:    THE LAZARD FUNDS, INC.   
   By its authorized officer   
   By:      /s/ Stephen St. Claire   
   Title:   Treasurer   
   Date:   9/19/2016   
UNDERWRITER:    LAZARD ASSET MANAGEMENT SECURITIES LLC   
   By its authorized officer   
   By:      /s/ Charles L. Carroll   
   Title:   President   
   Date:   9/19/2016   


  25   Exhibit (8)(A7)

 

ADVISER:

  

LAZARD ASSET MANAGEMENT LLC

  
  

By its authorized officer

  
  

By:      /s/ Charles L. Carroll

  
  

Title:   Deputy Chairman

  
  

Date:   9/19/2016

  


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

  

Contracts Funded

by Separate

Account

   Designated Portfolios

TIAA Separate Account VA-3

May 17, 2006

   Access Annuities    The Lazard Funds, Inc. existing and future series (R6 share class).


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

 

A.    Agreement  to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

 

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

 

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

 

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in


place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

 

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

 

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but


does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will immediately notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

Compensating the Company for its Expenses. Underwriter shall promptly pay for systems and out of pocket costs (including preparing and mailing revised statements) up to $10,000 for each Price Error occurrence; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

  1    Exhibit (8)(A8)

 

PARTICIPATION AGREEMENT

Among

Lord Abbett Investment Trust,

Lord, Abbett & Co. LLC,

Lord Abbett Distributor LLC,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS PARTICIPATION AGREEMENT (the “Agreement”), made and entered into as of this          day of                     , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), the Lord Abbett Investment Trust a Delaware statutory trust, including each separate investment portfolio thereof, whether existing at the date of this Agreement or established subsequent thereto (hereinafter the “Fund”), Lord, Abbett & Co. LLC (hereinafter the “Adviser”), and Lord Abbett Distributor LLC (hereinafter the “Underwriter”), a Delaware limited liability company.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and


  2    Exhibit (8)(A8)

 

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1        The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2        The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.


  3   Exhibit (8)(A8)

 

1.3        The Fund and the Underwriter will not sell Fund shares to any insurance company or separate account unless an agreement containing provisions substantially the same as Articles I and III of this Agreement is in effect to govern such sales.

1.4        The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.

1.5        The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6        The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7        The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.


  4   Exhibit (8)(A8)

 

1.8        Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9        The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10      The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C (Schedule C also contains further reciprocal provisions regarding errors in the pricing, purchase, redemption, transfer or registration of Designated Portfolios). Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company immediately upon discovery.

1.11          If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or


  5   Exhibit (8)(A8)

 

their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via Fund/SERV by the time of receipt of Cycle 8 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through Fund/SERV, unless an order is submitted manually. All orders submitted prior to Cycle 8 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12      The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Section 1.3 and Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.


  6   Exhibit (8)(A8)

 

1.13      Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

ARTICLE II.  Representations and Warranties

2.1        The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2        The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3        To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4        The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5        The Fund represents that it is lawfully organized and validly existing under the laws of the state of Delaware and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6        The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered


  7   Exhibit (8)(A8)

 

under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with the laws of the State of New York and any applicable state and federal securities laws.

2.7        The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with the laws of the State of New York and any applicable state and federal securities laws.

2.8        The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9        The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than that required to be maintained by entities subject to the requirements of Rule 17g-1 of the 1940 Act. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10        The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11        The Adviser and Underwriter represent that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser and the Underwriter represent that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser and Underwriter agree to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.


  8   Exhibit (8)(A8)

 

ARTICLE III.     Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1        At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2        The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3        The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall


  9   Exhibit (8)(A8)

 

reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4        The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5        The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1        Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, its name, the name of Adviser and the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Underwriter’s trademark(s) and/or the Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after


  10   Exhibit (8)(A8)

 

receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Adviser or a Fund. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Underwriter except as the parties may agree in writing.

4.2        The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

4.3        The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.        The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5        The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6        The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales


  11   Exhibit (8)(A8)

 

Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7        For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8        The Fund and Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1        The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses, then the Underwriter may make payments to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Underwriter in writing, and such payments will be made out of existing fees otherwise payable to the Underwriter, past profits of the Underwriter, or other resources available to the Underwriter. No such payments shall be made directly by the Fund.

5.2        All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

5.3        The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.


  12   Exhibit (8)(A8)

 

ARTICLE VI.  Qualification

6.1        The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2        The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1          Indemnification By the Company

7.1(a).    The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon


  13   Exhibit (8)(A8)

 

 

and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).    The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the


  14   Exhibit (8)(A8)

 

extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).     The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2          Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a


  15   Exhibit (8)(A8)

 

 

material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b).  The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of


  16   Exhibit (8)(A8)

 

such Indemnified Party’s willful misfeasance, bad faith, or negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).  The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).      The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3          Indemnification By the Fund

7.3(a).    The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of


  17   Exhibit (8)(A8)

 

this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including legal and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to the Fund and:

 

  (i)

arise as a result of any failure by the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).    The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).    The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Fund and such Fund is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense thereof. The Fund also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Fund to such party of the Fund’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be


  18   Exhibit (8)(A8)

 

liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Fund and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Fund will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Fund agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.3(d).  The Company and the Underwriter agree promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

ARTICLE VIII.  Applicable Law

8.1        This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2        This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1        This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or


  19   Exhibit (8)(A8)

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.


  20   Exhibit (8)(A8)

 

9.2        Notice Requirement.    No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3        Effect of Termination.    Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4        The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days’ notice of its intention to do so.

9.5        Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by overnight delivery service or registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Lord, Abbett & Co. LLC

90 Hudson Street

Jersey City, NJ  07302

Attention:  General Counsel


  21   Exhibit (8)(A8)

 

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention:  Mike Kloss

If to Underwriter:

Lord, Abbett & Co. LLC

90 Hudson Street

Jersey City, NJ  07302

Attention:  General Counsel

If to Adviser:

Lord, Abbett & Co. LLC

90 Hudson Street

Jersey City, NJ  07302

Attention:  General Counsel

ARTICLE XI.  Miscellaneous

11.1      All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2      Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for


  22   Exhibit (8)(A8)

 

 

which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach


  23   Exhibit (8)(A8)

 

 

by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3      The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4      This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5      If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6      Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement that it may reasonably request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7      The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8      This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9      The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.


  24   Exhibit (8)(A8)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA  
  By its authorized officer  
  By:   /s/ Hal Moody  
  Name:   Hal Moody  
  Title:   Senior Director  
  Date:   8/17/2016  
FUND:   Lord Abbett Investment Trust  
  By its authorized officer  
  By:   /s/ Lawrence H. Kaplan  
    Lawrence H. Kaplan  
    Vice President and Secretary  
  Date:   8/18/2016  
UNDERWRITER:   Lord Abbett Distributor LLC, by its Managing Member, Lord, Abbett & Co. LLC  
  By its authorized officer  
  By:   /s/ Lawrence H. Kaplan  
    Lawrence H. Kaplan  
    Member  
  Date:   8/18/2016  
ADVISER:   Lord, Abbett & Co. LLC  
  By its authorized officer  
  By:   /s/ Lawrence H. Kaplan  
    Lawrence H. Kaplan  
    Member  
  Date:   8/18/2016  


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

  

Contracts Funded  

by Separate  

Account  

   Designated Portfolios     
TIAA Separate Account VA-3 May 17, 2006    Access Annuities      Lord Abbett High Yield Fund   


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in


place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but


does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

Errors or Delays

In the event of (i) any error or delay with respect to information regarding the pricing, purchase, redemption, transfer or registration of Shares (including transactions on an as-of-basis which must be approved and authorized by the Funds and/or the Distributor), or (ii) a determination by the Funds or their designee that an order submitted by the Company is not in compliance with a Fund’s policies and procedures as set forth in the Fund’s Prospectus and/or SAI, the parties agree that each is obligated to make Account and the Funds, respectively, whole for any such error or delay, or determination, that it causes or that has been caused in connection with any transaction or trade it has transmitted or submitted, subject in each case to the relevant Fund’s policies on materiality of pricing errors, if applicable. In addition, each party agrees that neither will receive compensation from the other for the costs of any reprocessing necessary as a result of an error or delay, or determination. Each party agrees to provide the other with prompt notice of any errors or delays, or determinations, of the type referred to in this Section.

   1    Exhibit (8)(A9)

 

PARTICIPATION AGREEMENT

among

MFS SERIES TRUST XI,

MFS FUND DISTRIBUTORS, INC.,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this          day of                     , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), MFS Series Trust XI (hereinafter the “Fund”), a Massachusetts business trust, and MFS Fund Distributors, Inc. (hereinafter the “Underwriter”), a Delaware corporation.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and


   2    Exhibit (8)(A9)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Fund’s investment adviser, Massachusetts Financial Services Company (“Adviser”), is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1        The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2        The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Fund may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio at any time.

1.3        [RESERVED]

1.4        The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus. The Trust may redeem shares in cash or, to the extent permitted by applicable law, in-kind.


   3    Exhibit (8)(A9)

 

1.5        The Fund hereby appoints the Company as an agent of the Fund solely for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by 4:00 p.m. Eastern time and the Fund receives notice of such order by 9:00 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC. The Company and the Fund shall net purchase and redemption orders with respect to each Designated Portfolio and shall transmit one net payment for all of the Designated Portfolios in accordance with Section 1.7 hereof.

1.6        The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement. The Company will not engage in, authorize or facilitate market timing or late trading in the Funds and will take reasonable steps necessary to identify and prevent market timing and late trading in the Funds by Account holders.

1.7        The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund, it being understood receipt may be delayed due to bank errors or other factors beyond the control of the parties. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company, it being understood receipt may be delayed due to bank errors or other factors beyond the control of the parties.

1.8        Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.


   4    Exhibit (8)(A9)

 

1.9        The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election, or to elect otherwise in the account application or NSCC account establishment instructions, and to receive all such income dividends and capital gain distributions in cash. The Fund shall reflect in an account statement and/or trade confirmation the number of shares so issued as payment of such dividends and distributions.

1.10      The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Fund shall make an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company promptly upon discovery. In the event the Company has to reprocess accounts due solely to an incorrect NAV submitted to Company by a Fund, the Parties shall discuss in good faith whether Underwriter will reimburse Company for its actual direct expenses incurred in reprocessing.

1.11      If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares are executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to


   5    Exhibit (8)(A9)

 

ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12     The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.


   6    Exhibit (8)(A9)

 

1.13      Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

1.14 The parties agree that the Accounts are not intended to serve as vehicles for frequent transfers among the Designated Portfolios in response to short-term stock market fluctuations. Accordingly, the Company represents and warrants that:

1.14.1 All purchase and redemption orders it provides under this Article I shall result solely from Account holder transactions fully received and recorded by the Company before the time as of which each applicable Designated Portfolio net asset value was calculated (currently 4:00 p.m. New York time);

1.14.2 It will comply with its policies and procedures reasonably designed to prevent excessive trading;

1.14.3 Any annuity contract forms or variable life insurance policy forms not in use at the time of execution of this Agreement, but added to in the future via amendment hereto, will contain language reserving to the Company the right to refuse to accept instructions from persons that engage in market timing or other excessive or disruptive trading activity.

1.15     The Company agrees to comply with its obligations under applicable anti-money laundering (“AML”) laws, rules and regulations, including but not limited to its obligations under the United States Bank Secrecy Act of 1970, as amended (by the USA PATRIOT Act of 2001 and other laws), and the rules, regulations and official guidance issued thereunder (collectively, the “BSA”). The Company agrees to undertake inquiry and due diligence regarding the customers to whom the Company offers and/or sells the Accounts or on whose behalf the Company purchases Designated Portfolio shares. The Company further represents that the inquiry and due diligence are reasonably designed to determine whether the Company is prohibited from dealing with any such customer by (i) economic sanctions administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) (collectively, the “Sanctions”); or (ii) any of the Special Measures under 31 USC 5318 A of the BSA (“Special Measures”). The Company hereby represents, covenants and warrants to each Fund and the Underwriter that neither the Company nor any of the Company’s affiliates maintain offices in any country or territory to which any of the Sanctions or Special Measures prohibit the export of financial services. The Company agrees to notify each Fund and the Underwriter promptly when and if it learns that the establishment or maintenance of any account holding Designated Portfolio shares or a transaction in Designated Portfolio shares violates any of the Sanctions or Special Measures.

1.16     Each party represents, warrants and covenants that it has implemented and maintains a fully-documented business continuity plan and disaster recovery program in conformity with applicable law. A supervisory structure is responsible for ensuring the implementation and updating of the plan and program.

1.17     Each party agrees to adopt policies and practices related to the protection of non-public personal information pursuant to SEC Regulation S-P. These policies and practices are designed to comply with Regulation S-P in all material respects, including, but not limited to, the


   7    Exhibit (8)(A9)

 

obligation to provide appropriate administrative, technical and physical safeguards reasonably designed to (i) ensure the security and confidentiality of customer records or information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.

1.18      Each of the parties to this Agreement affirms that is has procedures in place reasonably designed to protect the privacy of non-public customer information and it will maintain such information that it may acquire pursuant to this Agreement in confidence and in accord with all applicable privacy laws. Each of the parties agrees not to use, or permit the use of, any such customer information for any purpose except to carry out the terms of this Agreement and/or pursuant to any exceptions set forth in such privacy laws. This provision shall survive the termination of this Agreement.

ARTICLE II.  Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws, and the rules of applicable self-regulatory organizations, and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the Commonwealth of Massachusetts and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3       To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to do so in a manner that complies with the requirements of Rule 12b-1 under the 1940 Act.

2.4       The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states.


   8    Exhibit (8)(A9)

 

2.5       The Fund represents that it is lawfully organized and validly existing under the laws of the Commonwealth of Massachusetts and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with any applicable state and federal securities laws.

2.7       [RESERVED]

2.8       The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 under the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10     The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11     The Underwriter represents that the investment manager, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3 as of the effective date of this Agreement, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Underwriter represents that, as of the effective date of this Agreement, the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment manager to the


   9    Exhibit (8)(A9)

 

Fund(s) becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, Underwriter agrees to provide the Company with prompt notice, in writing, of such change in, or plans to change, regulatory status. In the event new Designated Portfolios are added to the Agreement after its effective date, the Underwriter will, upon request, provide confirmation as to whether such Designated Portfolio is claiming and/or relying on such exclusions.

ARTICLE III.      Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1         At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto (which may include series other than the Designated Portfolios) as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto (which may include series other than the Designated Portfolios) as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners that are invested in the Designated Portfolios to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement as required by applicable law or regulation. The Fund hereby notifies the Company that it may be appropriate to include in the prospectus pursuant to which a Contract is offered disclosure regarding the potential risks of mixed and shared funding.

3.2         The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available free of charge on the Fund’s website, and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.


   10    Exhibit (8)(A9)

 

3.3         The Fund, at its expense, shall provide the Company with copies of its proxy material, annual and semi-annual reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners that are invested in the Designated Portfolios. The Company will distribute this proxy material, reports and other communications to existing Contract owners. If requested by the Company in lieu thereof, the Fund shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners that are invested in the Designated Portfolios to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners that are invested in the Designated Portfolios together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4         The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5         The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and whatever rules and interpretations the SEC may promulgate with respect thereto.

ARTICLE IV.    Sales Material and Information

4.1         Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use various trademarks, service marks, and Fund name(s) owned by Distributor, its affiliates and the Funds (“IP”) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the IP in or as a part of Sales Literature or Other Promotional Materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that


   11    Exhibit (8)(A9)

 

the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of the IP. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license the IP, (ii) Company has no rights, title or interest in or to the IP, and (iii) all use of the IP by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any IP anywhere in the world. Underwriter may rescind this license at any time in its sole discretion. The license granted herein shall terminate automatically upon the termination of this Agreement and Company shall forthwith cease to use the IP except as the parties may agree in writing. If Company makes any unauthorized use of the IP, the parties acknowledge that the Underwriter and/or its affiliates shall suffer irreparable harm for which monetary damages may be inadequate and thus, each such party shall be entitled to injunctive relief, as well as any other remedy available under law.

4.2         The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

4.3         The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.        The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5         The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.


   12    Exhibit (8)(A9)

 

4.6         The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.7         For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8         The Fund or Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1         The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses, then the Underwriter may make payments to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Underwriter in writing, and such payments will be made out of existing fees otherwise payable to the Underwriter, past profits of the Underwriter, or other resources available to the Underwriter. No such payments shall be made directly by the Fund. With respect to any class of shares of a Designated Portfolio that pays a fee pursuant to the Fund’s Rule 12b-1 plan, the Fund may make payments quarterly to the Underwriter under a Portfolio’s Rule 12b-1 plan, and the Underwriter may in turn use these payments to pay or reimburse the Company or to the underwriter for the Contracts for expenses incurred or paid (as the case may be) by the Company or underwriter for the Contracts attributable to Contracts offered by the Company, provided that


   13    Exhibit (8)(A9)

 

no such payment shall be made with respect to any quarterly period in excess of an amount determined from time to time by the Fund’s Board of Trustees and disclosed in the Fund’s prospectus. The Underwriter shall not be required to provide any payment to the Company or to the underwriter for the Contracts with respect to any quarterly period pursuant to the Fund’s Rule 12b-1 plan unless and until the Underwriter has received the corresponding payment from the Fund pursuant to the Fund’s Rule 12b-1 plan. The Underwriter shall not be required to provide any payment to the Company or to the underwriter for the Contracts with respect to any quarterly period pursuant to the Fund’s Rule 12b-1 plan if (i) the Fund’s Rule 12b-1 plan is no longer in effect during such quarterly period; or (ii) regulatory changes result in the rescission of Rule 12b-1 or otherwise prohibit the making of such payments. The Fund’s prospectus or statement of additional information may provide further details about such payments and the provisions and terms of the Fund’s Rule 12b-1 plan, and the Company hereby agrees that neither the Fund, MFS nor the Underwriter has made any representations to the Company with respect to the Fund’s Rule 12b-1 plan in addition to, or conflicting with, the description set forth in the Fund’s prospectus.

5.2         All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.

5.3         The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.  Qualification

6.1         The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company as soon as reasonably practicable upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2         The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.


   14    Exhibit (8)(A9)

 

ARTICLE VII.  Indemnification

7.1         Indemnification By the Company

7.1(a).    The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement


   15    Exhibit (8)(A9)

 

 

(including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.4 hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).    The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2         Indemnification by the Underwriter

7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or


   16    Exhibit (8)(A9)

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.4 hereof.

7.2(b).    The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c).    The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3         Indemnification By the Fund

7.3(a).  The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including legal


   17    Exhibit (8)(A9)

 

and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to the operations of the Fund and:

 

  (i)

arise as a result of any material failure by the Fund furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.4 hereof.

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).    The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).    The Company and the Underwriter agree promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

7.4         Promptly after receipt by an Indemnified Party under this Article VII of notice of commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the indemnifying party under this article, notify the indemnifying party of the commencement thereof; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any Indemnified Party otherwise than under this section. In case any such action is brought against any Indemnified Party, and it notified the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, assume the defense thereof, with counsel satisfactory to such Indemnified Party. After notice from the indemnifying party of its intention to assume the defense of an action, the Indemnified Party shall bear the expenses of any additional counsel obtained by it, and the indemnifying party shall not be liable to such Indemnified Party under this section for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation.


   18    Exhibit (8)(A9)

 

7.5         A successor by law of the parties to this Agreement shall be entitled to the benefits of the indemnification contained in this Article VII. The indemnification provisions contained in this Article VII shall survive any termination of this Agreement.

ARTICLE VIII.  Applicable Law

8.1         This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the Commonwealth of Massachusetts.

8.2         This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1         This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or


   19    Exhibit (8)(A9)

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2         Notice Requirement.    No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3         Effect of Termination.    Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all


   20    Exhibit (8)(A9)

 

Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4         The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5         Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party. Also, to the fullest extent permitted by relevant law, (a) all requirements in this Agreement that any action be taken by means of any writing, including, without limitation, any notice, shall be deemed to be satisfied by means of any electronic record in such form that is mutually acceptable to the Parties; and (b) all requirements in this Agreement that any writing be signed shall be deemed to be satisfied by any electronic signature in such form that is mutually acceptable to the Parties.

If to the Fund:

MFS Series Trusts

111 Huntington Avenue

Boston, Massachusetts 02199

Facsimile No.: (617) 954-7812

Email:    DLGDSDealerSpt @mfs.com

Attn:  Ethan D. Corey, Assistant Secretary


   21    Exhibit (8)(A9)

 

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Email:fundrelationshipmana@tiaa.org

Attention:  Mike Kloss

If to Underwriter:

MFS Fund Distributors, Inc.

111 Huntington Avenue

Boston, Massachusetts 02199

Facsimile No.: (617) 954-7561

Email:    DLGDSDealerSpt@MFS.com

Attn:  General Counsel

ARTICLE XI.    Miscellaneous

11.1       All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the board of trustees of the Fund, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund. A copy of the Fund’s Declaration of Trust is on file with the Secretary of State of The Commonwealth of Massachusetts. The Company acknowledges that the obligations of or arising out of this instrument are not binding upon any of the Fund’s trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Fund in accordance with its proportionate interest hereunder. The Company further acknowledges that the assets and liabilities of each Designated Portfolio are separate and distinct and that the obligations of or arising out of this instrument are binding solely upon the assets or property of the Designated Portfolio on whose behalf the Fund has executed this instrument. The Company also agrees that the obligations of each Designated Portfolio hereunder shall be several and not joint, in accordance with its proportionate interest hereunder, and the Company agrees not to proceed against any Designated Portfolio for the obligations of another Designated Portfolio.

11.2       Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers or shareholders of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;


   22    Exhibit (8)(A9)

 

  (b)

Neither the Company, the Fund, nor Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on


   23    Exhibit (8)(A9)

 

 

their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3       The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4       This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5       If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6       Each party or its designee shall maintain and preserve all records as required by law to be maintained and preserved in connection with providing the services hereunder and in making Funds available to the Account holders and will, upon reasonable request, provide copies of such records to the other party to the extent necessary for the requesting party to meet its obligations under applicable law or regulation, including to comply with any request of a governmental body or self-regulatory organization. Each party hereto shall cooperate with each other party and all appropriate governmental authorities having jurisdiction over it (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby.

11.7       The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.


   24    Exhibit (8)(A9)

 

11.8       This Agreement or any of the rights and obligations hereunder may not be assigned by any party, other than to an affiliate, without the prior written consent of all parties hereto.

11.9       The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

[signature page follows]


   25    Exhibit (8)(A9)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA  
  By its authorized officer  
  By:   /s/ Hal Moody  
  Title:   Senior Director  
  Date:   9/30/2016  
FUND:   MFS SERIES TRUST XI  
  By its authorized officer  
  By:   /s/ Ethan D. Corey  
  Title:   Assistant Secretary  
  Date:   9/14/2016  
UNDERWRITER:       MFS FUND DISTRIBUTORS, INC.  
  By its authorized officer  
  By:   /s/ James A. Jessee  
  Title:   President  
  Date:   9/13/2016  


SCHEDULE A

 

Name of Separate Account  

and Date Established by  

Board of Trustees  

  

Contracts Funded  

by Separate  

Account  

   Designated Portfolios       

TIAA Separate Account VA-3  

May 17, 2006

   Access Annuities    All currently funds offered by the Underwriter as per the then   current prospectus.   


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including certain identifying information (e.g., account number(s)) that may provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Any such request will not cover a period of more than 90 consecutive Business Days. The Fund or its designee may request transaction information older than 90 days from the date of the request as it deems necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.

C.    Form and Timing of Response.

The Company agrees to provide promptly in a secure manner, but in no event later than 5 business days, upon request by the Fund or its designee the requested information specified in Section A. If the requested information is not on the Company’s books and records but is on the books and records of a financial intermediary (“indirect intermediary”) Company shall either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) if directed by the Fund or its designee, restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder (or indirect intermediary) who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in place. If the TIN, ITIN, GII or specific individual Contract


owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted Trusts” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

 

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines in its sole discretion that, pursuant to its policies and/or the terms of the prospectus, corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will promptly notify Company of the Price Error. The materiality of an incorrect price will be determined in a manner that is not inconsistent with applicable SEC guidance. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

For the avoidance of doubt, Underwriter may delegate any of its responsibilities hereunder to an affiliate but will remain responsible for performance.

   1    Exhibit (8)(A10)

 

PARTICIPATION AGREEMENT

Among

NATIONWIDE MUTUAL FUNDS,

NATIONWIDE FUND DISTRIBUTORS LLC,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this          day of                      , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), Nationwide Mutual Funds (hereinafter the “Fund”), a Delaware statutory trust, and Nationwide Fund Distributors LLC (hereinafter the “Underwriter”), a Delaware limited liability company.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and


   2    Exhibit (8)(A10)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Underwriter agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Trustees of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.

1.3       Upon notice to the Company, the Underwriter reserves the right to reject any purchase orders for Fund shares, including exchanges, if the Underwriter reasonably believes owners of Contracts are engaging in short-term or excessive trading into and out of a Designated Portfolio or otherwise engaging in trading that may be disruptive to a Designated Portfolio (“Market Timing”). The Company has policies and procedures in effect to discourage Market Timing. The Underwriter acknowledges that the Company shall apply its own Market Timing policies and procedures to trading of Fund shares hereunder which may differ from the criteria set forth in the Fund’s prospectuses and statements of additional information.


   3    Exhibit (8)(A10)

 

1.4       The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.

1.5        The Underwriter hereby appoints the Company as its agent for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order by the close of regular trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus.

1.7       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.7 and 2.8 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.

1.8       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.


   4    Exhibit (8)(A10)

 

1.9       The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10     The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company immediately upon discovery.

1.11         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Underwriter and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares are executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Underwriter and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Underwriter and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Underwriter and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Underwriter


   5    Exhibit (8)(A10)

 

and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Underwriter to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System before 9:30 a.m. Eastern time on the following Business Day (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted via the Networking System prior to 9:30 a.m. Eastern time on the following Business Day (T+1), which the Company certifies it shall have received before 4:00 p.m. Eastern time on the prior Business Day (T), shall receive the net asset value determined as of 4:00 p.m. Eastern time on the prior Business Day (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12      The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to the general public or other insurance companies and the cash value of the Contracts may be invested in other investment companies.

1.13      Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.


   6    Exhibit (8)(A10)

 

1.14      The Company, the Underwriter and the Fund each will make every effort to remain in full compliance with all applicable anti-money laundering laws, rules and regulations, including but not limited to, the Bank Secrecy Act (the “BSA”), its implementing regulations, and the USA Patriot Act, which amends certain sections of the BSA and sets forth certain other anti-money laundering requirements. To facilitate compliance with anti-money laundering laws, as applicable, each party has developed and implemented policies and procedures required by federal law to detect, deter and prevent money laundering, including those required by the BSA and the USA Patriot Act. Each party further agrees to cooperate and share information with the other to the extent required by law to facilitate implementation of each other’s anti-money laundering program.

ARTICLE II.  Representations and Warranties

2.1        The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2        The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3        To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4        The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states.


   7    Exhibit (8)(A10)

 

2.5       The Fund represents that it is lawfully organized and validly existing under the laws of the state of Delaware and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with the laws of the State of New York and any applicable state and federal securities laws.

2.7       The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.8       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.09     The Fund represents and warrants that the Fund is and shall maintain compliance with Rule 38a-1 under the 1940 Act in all material respects.

2.10     The Underwriter represents that the investment adviser to the Fund, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Underwriter represents that the investment manager to those Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the investment adviser to the Fund becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA with respect to the Designated Portfolios, or an exemption from registration as a CPO or CTA, the Underwriter agrees to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.


   8    Exhibit (8)(A10)

 

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Underwriter will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Underwriter will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of the Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2       The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Company (or, in the Fund’s discretion, from the Fund), and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Underwriter will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3       The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall


   9    Exhibit (8)(A10)

 

reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4       The Company shall:

 

   (i)

solicit voting instructions from Contract owners;

 

   (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

   (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5       The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings to the extent legally required or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.  Sales Material and Information

4.1       Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, its name, the name of the Fund’s investment adviser and the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Underwriter’s trademark(s) and/or the Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or its investment adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company unless the Underwriter approves such use in writing,


   10    Exhibit (8)(A10)

 

which such approval shall not be unreasonably withheld. All such use by Company of such material shall be in accordance with Underwriter’s reasonable policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Fund or its investment adviser. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Underwriter except as the parties may agree in writing.

4.2       The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund’s shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Underwriter, except with the permission of the Fund or the Underwriter, which such permission shall not be unreasonably withheld.

4.3       The Underwriter or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used unless the Company approves such use in writing, which such approval shall not be unreasonably withheld.

4.4.      The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports and proxy statements that relate to the Fund or its shares and which have been filed with the SEC within a reasonable time after the filing of such document(s) with the SEC.

4.6       The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports and solicitations for voting instructions that relate to the Contracts or the Account within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.


   11    Exhibit (8)(A10)

 

4.7       For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund, the Underwriter or any affiliate of either: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund, the Underwriter or their respective affiliates.

4.8       The Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Underwriter to mail such supplements to Fund’s shareholders. The Underwriter will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1       The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses (a “12b-1 Plan”), then the Underwriter may make payments to the underwriter for the Contracts to the extent and manner provided in such 12b-1 Plan. Neither the Fund, the Underwriter, nor any of their affiliates shall be liable hereunder for any payments to the underwriter of the Contracts, or any of their affiliates except as prescribed by the Fund’s 12b-1 Plan.

5.2       All expenses incident to performance by the Underwriter or Fund under this Agreement shall be paid by the Underwriter or Fund (as applicable), except as otherwise provided herein. The Underwriter shall see to it that all of the Fund’s shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Underwriter, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance of the Fund’s shares.

5.3       The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.


   12    Exhibit (8)(A10)

 

ARTICLE VI.  Qualification

6.1      The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2      The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1      Indemnification By the Company

7.1(a).    The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on


   13    Exhibit (8)(A10)

 

 

behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or result from statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund or Underwriter by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).    The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the


   14    Exhibit (8)(A10)

 

Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that the Company shall not, without the prior written consent of the Indemnified Parties, settle or compromise the liability of any Indemnified Party in such action unless in connection with such settlement or compromise each Indemnified Party receives from the claimant a release from all liability in respect of such claim. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

 7.1(d).      The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

    7.2      Indemnification by the Underwriter

 7.2(a).  The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based


   15    Exhibit (8)(A10)

 

 

upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or result from statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or Fund or persons under their control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter or Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter or Fund;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.


   16    Exhibit (8)(A10)

 

7.2(b).  The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.2(c).  The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that that the Underwriter shall not, without the prior written consent of the Indemnified Party, settle or compromise the liability of any Indemnified Party in such action unless in connection with such settlement or compromise each Indemnified Party receives from the claimant a release from all liability in respect of such claim. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).      The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or the Fund or any of their respective officers, directors or trustees in connection with the issuance or sale of the Contracts or the operation of the Account.


   17    Exhibit (8)(A10)

 

ARTICLE VIII.  Applicable Law

8.1       This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2       This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX. Termination

9.1       This Agreement shall continue in full force and effect until the first to occur of:

 

   (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, upon three (3) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

   (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or

 

   (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

   (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

   (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or


   18    Exhibit (8)(A10)

 

   (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

   (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

   (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

   (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, its investment adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

   (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.

9.2       Notice Requirement.    No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3       Effect of Termination.    Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4       The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as


   19    Exhibit (8)(A10)

 

necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5       Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.  Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Nationwide Mutual Funds

1000 Continental Drive, Suite 400

King of Prussia, Pennsylvania 19406

Attention: Fund Administration

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

If to Underwriter:

Nationwide Fund Distributors LLC

1000 Continental Drive, Suite 400

King of Prussia, Pennsylvania 19406

Attention: Fund Administration

ARTICLE XI.  Miscellaneous

11.1     All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents nor shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.


   20    Exhibit (8)(A10)

 

11.2       Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, nor Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.


   21    Exhibit (8)(A10)

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3       The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4       This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5       If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6       Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order


   22    Exhibit (8)(A10)

 

to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7     The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8     This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9     The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:    TEACHERS INSURANCE AND ANNUITY
   ASSOCIATION OF AMERICA
   By its authorized officer
   By:   /s/ Hal Moody
   Title:   Senior Director
   Date:   8/11/2016


   23    Exhibit (8)(A10)

 

FUND:    NATIONWIDE MUTUAL FUNDS
   By its authorized officer
   By:   /s/ Lee Cummings
   Title:   Senior Vice President
   Date:   8/10/2016
UNDERWRITER:    NATIONWIDE FUND DISTRIBUTORS LLC
   By its authorized officer
   By:   /s/ Lee Cummings
   Title:   Senior Vice President
   Date:   8/10/2016


SCHEDULE A

 

Name of Separate Account    

and Date Established by    

Board of Trustees    

   Contracts Funded  
by Separate  
Account  
   Designated Portfolios

TIAA Separate Account VA-3

May 17, 2006

   Access Annuities    Nationwide Geneva Small Cap Growth Instl


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

B.    Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days, unless the Fund deems it necessary to investigate compliance with policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.

C.    Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

D.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner


number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

E.    Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

F.    Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted funds” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.


The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Designated Portfolio determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will immediately notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Designated Portfolio’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

Compensating the Company for its Expenses. Underwriter shall promptly pay for systems and out of pocket costs (including preparing and mailing revised statements) up to $10,000 for each Price Error occurrence; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

  1   Exhibit (8)(A11)

 

PARTICIPATION AGREEMENT

Among

Parnassus Fund

Parnassus Investments,

Parnassus Funds Distributor,

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this      day of                       , 2016 by and among Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), Parnassus Fund (hereinafter the “Fund”), a Massachusetts Business Trust, Parnassus Investments (hereinafter the “Adviser”), a California Corporation, and Parnassus Funds Distributor (hereinafter the “Underwriter”), a California Corporation.

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and


  2   Exhibit (8)(A11)

 

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts;

WHEREAS, the Fund and the Underwriter know of no reason why shares in the Fund may not be sold to Participating Insurance Companies to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the Adviser is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value;

NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund, the Adviser, and the Underwriter agree as follows:

ARTICLE I.  Sale of Fund Shares

1.1       The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2       The Fund agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company and the Account on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Fund shall calculate such net asset value on each day which the New York Stock Exchange is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Directors of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, necessary in the best interests of the shareholders of such Designated Portfolio.


  3   Exhibit (8)(A11)

 

1.3       The Fund and the Underwriter will not sell Fund shares to any insurance company or separate account unless an agreement containing provisions substantially the same as Articles I and III of this Agreement is in effect to govern such sales.

1.4       The Fund agrees to redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company, executing such requests on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption consistent with Section 22(e) of the 1940 Act and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in the then current prospectus.

1.5        The Fund hereby appoints the Company as an agent of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of those Designated Portfolios made available hereunder, and receipt by such agent shall constitute receipt by the Fund; provided that the Company receives the order in proper form in accordance with the then current prospectus by 4:00 p.m. Eastern time and the Fund receives notice of such order by 9:30 a.m. Eastern time on the next following Business Day. “Business Day” shall mean any day on which the New York Stock Exchange is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6       The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus to the extent not inconsistent with the terms and conditions of this Agreement.

1.7       The Company shall pay for Fund shares one Business Day after receipt of an order to purchase Fund shares is made in accordance with the provisions of Section 1.5 hereof. Payment shall be in federal funds transmitted by wire by 3:00 p.m. Eastern time (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If payment in federal funds for any purchase is not received or is received by the Fund after 3:00 p.m. Eastern time on such Business Day, the Company shall promptly, upon the Fund’s request, reimburse the Fund for any charges, costs, fees, interest or other expenses incurred by the Fund in connection with any advances to, or borrowings or overdrafts by, the Fund, or any similar expenses incurred by the Fund, as a result of portfolio transactions effected by the Fund based upon such purchase request. For purposes of Section 2.8 and 2.9 hereof, upon receipt by the Fund of the federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the Fund. Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern time on the next Business Day after an order to redeem a Designated Portfolio’s shares is made in accordance with the provision of Section 1.5 hereof (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with this Section 1.7). Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company.


  4   Exhibit (8)(A11)

 

1.8       Issuance and transfer of the Fund’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9       The Fund shall furnish same day notice (by wire or telephone, followed by written confirmation) to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of that Fund at the ex-dividend date net asset values. The Company reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Fund shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10     The Fund shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7 p.m. Eastern time each Business Day. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures and the Fund shall bear the cost of correcting such errors, pursuant to Schedule C. Any material error in the calculation or reporting of the net asset value, dividends, or capital gain information shall be reported to the Company promptly upon discovery.

1.11         If transactions in shares of the Designated Portfolios are settled through the National Securities Clearing Corporation (“NSCC”) Fund/SERV system, the following provisions shall apply:

(1) The Fund and the Company each represent that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

(2) The Fund and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Fund and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Fund and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.


  5   Exhibit (8)(A11)

 

(3) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(4) Based on Contract owner instructions and other authorized account transactions received by the Company prior to the close of the New York Stock Exchange on each Business Day (T), the Company or its designee shall transmit to the Fund via the Networking System by the time of receipt of Cycle 11 from the NSCC on the following Business Day, (T+1), a file containing the order, in dollars or shares, by each Account for shares of each Designated Portfolio for the preceding Business Day.

(5) Settlement for all orders effected pursuant to the Agreement will occur on a (T+1) basis, in same day funds, through the Networking System, unless an order is submitted manually. All orders submitted prior to Cycle 11 via the Networking System shall receive prices from the trade date (T).

If, on any Business Day, (i) a party to this Agreement chooses not to use the Networking System for a particular transaction, or (ii) there are technical problems with the Networking System that render it impracticable for a party to transmit or receive information through the Networking System, the party who determines not to use the Networking System will notify the other party of such determination as early as possible. In such event, the procedures set forth in Article I of this Agreement shall apply.

If federal funds are not received on the day the Fund is notified of the purchase request for shares of the Designated Portfolio, then such funds will be invested, and the shares of the Designated Portfolio purchased thereby will be issued at the net asset value next determined after the Fund receives such payment.

The Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.12 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.13     The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund’s shares may be sold to other insurance companies (subject to Section 1.3 and Article VI hereof) and the cash value of the Contracts may be invested in other investment companies.

1.14     Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.


  6   Exhibit (8)(A11)

 

ARTICLE II.  Representations and Warranties

2.1       The Company represents and warrants that the Contracts are or will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act. The Company further represents and warrants that the Contracts will be issued and sold in compliance in all material respects with all applicable federal and state laws and that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements. The Company further represents and warrants that it is an insurance company duly organized and in good standing under applicable law and that it has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under the New York insurance laws and has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts or that it has not registered the Account in proper reliance upon an exclusion from registration under the 1940 Act. The Company shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

2.2       The Fund represents and warrants that Fund shares sold pursuant to this Agreement shall be registered under the 1933 Act, duly authorized for issuance and sold in compliance with the laws of the state of New York and all applicable federal and state securities laws and that the Fund is and shall remain registered under the 1940 Act. The Fund shall amend the Registration Statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares. The Fund shall register and qualify the shares for sale in accordance with the laws of the various states only if and to the extent deemed advisable by the Fund or the Underwriter.

2.3       To the extent that the Fund decides to finance distribution expenses pursuant to Rule 12b-1 under the 1940 Act, the Fund will undertake to have the Board, a majority of whom are not interested persons of the Fund, formulate and approve any plan pursuant to Rule 12b-1 under the 1940 Act to finance distribution expenses.

2.4       The Fund makes no representations as to whether any aspect of its operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states, except that the Fund represents that the Fund’s investment policies, fees and expenses are and shall at all times remain in compliance with the laws of the state of New York to the extent required to perform this Agreement.

2.5       The Fund represents that it is lawfully organized and validly existing under the laws of the state of Massachusetts and that it does and will comply in all material respects with the 1940 Act and any regulations thereunder.

2.6       The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered


  7   Exhibit (8)(A11)

 

under all applicable federal and state securities laws. The Underwriter further represents and warrants that it serves as principal underwriter/distributor of the Fund and that it will sell and distribute the Fund shares in accordance with the laws of the State of New York and any applicable state and federal securities laws.

2.7       The Adviser represents and warrants that it is and shall remain duly registered under all applicable federal and state securities laws and that it shall perform its obligations for the Fund in compliance in all material respects with the laws of the State of New York and any applicable state and federal securities laws.

2.8       The Fund and the Underwriter represent and warrant that all of their directors, officers, employees, investment advisers, and other individuals or entities dealing with the money and/or securities of the Fund are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9       The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10     The Fund represents and warrants that the Fund is in and shall maintain compliance with Rule 38a-1 under the 1940 Act.

2.11     The Adviser represents that the Adviser, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Adviser represents that the Adviser is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder, or is otherwise exempt from registration as a CTA, and therefore is not subject to regulation as a CTA. To the extent that the Adviser becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA, or an exemption from registration as a CPO or CTA, the Adviser agrees to provide the Company with immediate notice, in writing, of such change in, or plans to change, regulatory status.


  8   Exhibit (8)(A11)

 

ARTICLE III.    Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1       At least annually (or in the case of a prospectus supplement, when that supplement is issued), the Fund, through the Underwriter, shall provide the Company with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request, at the Fund’s expense, to distribute to existing Contract owners (including at the time of Contract fulfillment and confirmation). The Fund, through the Underwriter, shall provide the Company (at the Company’s expense) with as many copies of the Fund’s current prospectus (describing only the Designated Portfolios listed on Schedule A) and any supplements thereto as the Company may reasonably request for distribution to prospective purchasers of Contracts. The Fund will provide the copies of said prospectus and supplements to the Company or to its mailing agent. If requested by the Company in lieu thereof, the Fund shall provide such documentation (including a final copy of the new prospectus as set in type or on a diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company once each year (or more frequently if the prospectus for the Fund is amended) to have the prospectus (which shall include an offering memorandum, if any) for the Contracts, and the Fund’s prospectus printed together in one document (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund prospectus to be printed for existing Contract owners together with the prospectus(es) for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s prospectus bears to the total number of pages in the document. The Fund will, upon request, provide the Company with a copy of the Fund’s prospectus through electronic means to facilitate the Company’s efforts to provide Fund prospectuses via electronic delivery. Company shall update its website with the most recent version of a Fund’s prospectus no earlier than the date of such prospectus or supplement and shall remove from its website any earlier copies of the Fund’s prospectus or supplement no later than the time for which the effectiveness of such prospectus expires.

3.2       The Fund’s prospectus shall state that the current Statement of Additional Information (“SAI”) for the Fund is available from the Fund, and the Underwriter (or the Fund), at its expense, shall print, or otherwise reproduce, and provide sufficient copies of such SAI and any supplements thereto free of charge to the Company for itself, and for any owner of a Contract who requests such SAI. The Fund will provide the Company with as many copies of the SAI and any supplements thereto as the Company may reasonably request for distribution, at the Company’s expense, to prospective Contract owners. The Company shall send an SAI to any such Contract owner within 3 business days of the receipt of a request.

3.3       The Fund, at its expense, shall provide the Company with copies of its proxy material, reports to shareholders, and other communications to shareholders in such quantity as the Company shall reasonably require for distributing to Contract owners in the Fund. The Company will distribute this proxy material, reports and other communications to existing Contract owners. The Underwriter, at its expense, shall provide the Company with copies of the Fund’s annual and semi-annual reports to shareholders in such quantity as the Company shall reasonably request for use in connection with offering the Contracts issued by the Company. If requested by the Company in lieu thereof, the Underwriter shall provide such documentation (which may include a final copy of the Fund’s annual and semi-annual reports as set in type or on


  9   Exhibit (8)(A11)

 

diskette, at the Fund’s expense) and other assistance as is reasonably necessary in order for the Company to print such shareholder communications for distribution to Contract owners (such printing for existing Contract owners to be at the Fund’s expense). With respect to any Fund communication to be printed for existing Contract owners together with communications for other investment vehicles funding the Account, the Fund agrees to pay its proportionate share of reasonable expenses as represented by the ratio that the number of pages of the Fund’s communication bears to the total number of pages in the document.

3.4         The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

3.5         The Fund will comply with all provisions of the 1940 Act requiring voting by shareholders, and in particular the Fund will either provide for annual meetings or comply with Section 16(c) of the 1940 Act (although the Fund is not one of the trusts described in Section 16(c) of that Act) as well as with Sections 16(a) and, if and when applicable, 16(b). Further, the Fund will act in accordance with the SEC’s interpretation of the requirements of Section 16(a) with respect to periodic elections of directors or trustees and with whatever rules the SEC may promulgate with respect thereto.

ARTICLE IV.   Sales Material and Information

4.1         Underwriter hereby grants to Company a non-exclusive, worldwide, non-transferable, non-sublicensable, royalty-free and limited license to use its trademarks, its name, the name of Adviser and the Fund name(s) in connection with its obligations under this Agreement. Notwithstanding the foregoing license, unless Company will use the Underwriter’s trademark(s) and/or the Fund name(s) in or as a part of Sales Literature or Other Promotional Materials that includes other Fund companies’ trademarks and/or Fund names as a listing of Funds available in connection with the sale of Contracts, Company shall furnish, or shall cause to be furnished, to the Underwriter, each piece of Sales Literature or Other Promotional Materials that the Company develops or uses and in which (a) a trademark of Underwriter appears or is shown or (b) a Fund (or a Designated Portfolio thereof) or the Adviser or the Underwriter is named, at least ten calendar days prior to its use. No such material shall be used by Company if the Underwriter reasonably objects to such use within ten calendar days after receipt of such material. Underwriter reserves the right to reasonably object to the continued use of such material, and no such material shall be used by Company if the Underwriter so objects. All such use by Company of such material shall be in accordance with Underwriter’s reasonable


  10   Exhibit (8)(A11)

 

policies regarding advertising and trademark use. Underwriter, in its sole discretion from time to time, may change the appearance and/or style of its trademarks, provided that Company is given sufficient advance notice to implement any such changes. Company acknowledges and agrees that, except for the limited license granted pursuant to this section, (i) Underwriter has the rights to license its trademarks, (ii) Company has no rights, title or interest in or to Underwriter’s trademarks, and (iii) all use of such trademarks by Company shall inure to the benefit of Underwriter. Company shall not apply for registration of a trademark that is confusingly similar or identical to any of Underwriter’s trademarks anywhere in the world. Underwriter may rescind this license at any time if it determines, in its sole discretion, that use of its trademarks or the Fund name(s) will have an adverse effect on it, the Adviser or a Fund. Upon the expiration or termination of this Agreement or the termination of the license granted in this section, Company shall cease using the trademarks of Underwriter except as the parties may agree in writing.

4.2       The Company shall not give any information or make any representations or statements on behalf of the Fund or concerning the Fund in connection with the sale of the Contracts other than the information or representations contained in the registration statement or prospectus or SAI for the Fund shares, as such registration statement and prospectus or SAI may be amended or supplemented from time to time, or in reports or proxy statements for the Fund, or in Sales Literature or Other Promotional Materials approved by the Fund or its designee or by the Underwriter, except with the permission of the Fund or the Underwriter or the designee of either.

4.3       The Fund, Underwriter, or its designee shall furnish, or shall cause to be furnished, to the Company, each piece of Sales Literature or Other Promotional Materials in which the Company, and/or its Account, is named at least ten calendar days prior to its use. No such material shall be used if the Company reasonably objects to such use within ten calendar days after receipt of such material. The Company reserves the right to reasonably object to the continued use of such material and no such material shall be used if the Company so objects.

4.4.      The Fund and the Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5       The Fund will provide to the Company at least one complete copy of all registration statements, prospectuses, SAIs, reports, proxy statements, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Fund or its shares, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.

4.6       The Company will provide to the Fund at least one complete copy of all registration statements, prospectuses, SAIs, reports, solicitations for voting instructions, Sales Literature and Other Promotional Materials, applications for exemptions, requests for no-action letters, and all amendments to any of the above, that relate to the Contracts or the Account, within a reasonable time after the filing of such document(s) with the SEC or other regulatory authorities.


  11   Exhibit (8)(A11)

 

4.7       For purposes of this Article IV, the phrase “Sales Literature and Other Promotional Materials” includes, but is not limited to, any of the following that refer to the Fund or any affiliate of the Fund: advertisements (such as material published, or designed for use in, a newspaper, magazine, or other periodical, radio, television, telephone or tape recording, videotape display, signs or billboards, motion pictures, or other public media), sales literature (i.e., any written communication distributed or made generally available to customers or the public, including brochures, circulars, reports, market letters, form letters, seminar texts, reprints or excerpts of any other advertisement, sales literature, or published article), educational or training materials or other communications distributed or made generally available to some or all agents or employees, and registration statements, prospectuses, SAIs, shareholder reports, proxy materials, and any other communications distributed or made generally available with regard to the Fund.

4.8       The Fund and Underwriter will provide the Company with as much notice as is reasonably practicable of any proxy solicitation for any Designated Portfolio, and of any material change in the Fund’s registration statement (other than changes that take place at the time of the annual prospectus update), particularly any change resulting in a change to the registration statement or prospectus or statement of additional information for any Account, to the extent such notice is permissible under the law and the Fund’s selective disclosure policies and a determination is made by the Fund to mail such supplements to Fund’s shareholders. The Fund will cooperate with the Company so as to enable the Company to solicit proxies from Contract owners or to make changes to its prospectus, statement of additional information or registration statement, in an orderly manner. The Company will be seeking to combine mailings to Contract owners to reduce costs to the extent practicable.

ARTICLE V.  Fees and Expenses

5.1       The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement, except that if the Fund or any Fund adopts and implements a plan pursuant to Rule 12b-1 to finance distribution expenses, then the Underwriter may make payments to the Company or to the underwriter for the Contracts if and in amounts agreed to by the Underwriter in writing, and such payments will be made out of existing fees otherwise payable to the Underwriter, past profits of the Underwriter, or other resources available to the Underwriter. No such payments shall be made directly by the Fund.

5.2       All expenses incident to performance by the Fund under this Agreement shall be paid by the Fund, except as otherwise provided herein. The Fund shall see to it that all its shares are registered and authorized for issuance in accordance with applicable federal law and, if and to the extent deemed advisable by the Fund, in accordance with applicable state laws prior to their sale. The Fund shall bear the expenses for the cost of registration and qualification of the Fund’s shares, preparation and filing of the Fund’s prospectus and registration statement, proxy materials and reports, setting the prospectus in type, setting in type and printing the proxy materials and reports to shareholders (including the costs of printing a prospectus that constitutes an annual report), the preparation of all statements and notices required by any federal or state law, and all taxes on the issuance or transfer of the Fund’s shares.


  12   Exhibit (8)(A11)

 

5.3         The parties shall bear the expenses of printing the Fund’s prospectus, SAI and other documents and of distributing the Fund’s prospectus, SAI, proxy materials, and reports to Contract owners and prospective Contract owners as described in Section 3.1 through 3.3.

ARTICLE VI.   Qualification

6.1         The Fund represents that each Designated Portfolio is or will be qualified as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and that it will maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future.

6.2         The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1         Indemnification By the Company

7.1(a).   The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees and directors and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or


  13   Exhibit (8)(A11)

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

7.1(b).    The Company shall not be liable under this indemnification provision with respect to any losses, claims, damages, liabilities or litigation to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c).  The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own


  14   Exhibit (8)(A11)

 

expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d).     The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2         Indemnification by the Underwriter

7.2(a).    The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively a “Loss”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) or settlements are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such


  15   Exhibit (8)(A11)

 

 

statement or omission or such alleged statement or omission was made in reliance upon and in conformity with information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares; or

 

  (iii)

arise out of any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b).    The Underwriter shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.


  16   Exhibit (8)(A11)

 

7.2(c).   The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d).      The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

7.3         Indemnification By the Fund

7.3(a).   The Fund agrees to indemnify and hold harmless the Company and each of its directors and officers and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.3) against any and all losses, claims, expenses, damages, liabilities (including amounts paid in settlement with the written consent of the Fund) or litigation (including legal


  17   Exhibit (8)(A11)

 

and other expenses) (for purposes of this Section 7.3, collectively a “Loss”) to which the Indemnified Parties may be required to pay or may become subject under any statute or regulation, at common law or otherwise, insofar as such losses, claims, expenses, damages, liabilities or expenses (or actions in respect thereof) or settlements, are related to the operations of the Fund and:

 

  (i)

arise as a result of any material failure by the Fund to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (ii)

arise out of or result from any material breach of any representation and/or warranty made by the Fund in this Agreement or arise out of or result from any other material breach of this Agreement by the Fund;

as limited by and in accordance with the provisions of Sections 7.3(b) and 7.3(c) hereof.

For purposes of this Section 7.3, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Article VI, including, without limitation, all costs associated with correcting or responding to any such failure.

7.3(b).    The Fund shall not be liable under this indemnification provision with respect to any Loss to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company, the Fund, the Underwriter or the Account, whichever is applicable.

7.3(c).    The Fund shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve the Fund from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Fund and such Fund is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Parties, the Fund will be entitled to participate, at its own expense, in the defense thereof. The Fund also shall be entitled to assume the expense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Fund to such party of the Fund’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Fund will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Fund and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Fund and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Fund will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Fund agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.


  18   Exhibit (8)(A11)

 

7.3(d).   The Company agrees promptly to notify the Fund of the commencement of any litigation or proceeding against it or any of its respective officers or directors in connection with the Agreement, the issuance or sale of the Contracts, the operation of the Account, or the sale or acquisition of shares of the Fund.

ARTICLE VIII.  Applicable Law

8.1        This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of New York.

8.2        This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.   Termination

9.1        This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by six (6) months’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio based upon the Company’s determination that shares of the Fund are not reasonably available to meet the requirements of the Contracts; provided that such termination shall apply only to the Designated Portfolio not reasonably available; or


  19   Exhibit (8)(A11)

 

  (c)

termination by the Company by written notice to the Fund and the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

  (d)

termination by the Fund or Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Fund or Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (e)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Fund or Underwriter to perform its obligations under this Agreement; or

 

  (f)

termination by the Company by written notice to the Fund and the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (g)

termination by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Fund or Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (h)

termination by either the Fund or the Underwriter by written notice to the Company, if either one or both of the Fund or the Underwriter respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company by written notice to the Fund and the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (k)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the Fund in accordance with the terms of the Contract, provided that the Company has given at least 45 days prior written notice to the Fund of the date of substitution.


  20   Exhibit (8)(A11)

 

9.2        Notice Requirement.  No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to all other parties of its intent to terminate, which notice will set forth the basis for the termination.

9.3         Effect of Termination.  Notwithstanding any termination of this Agreement, the Fund and the Underwriter shall, at the option of the Company, continue to make available additional shares of the Fund pursuant to the terms and conditions of this Agreement, for all Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, the owners of the Existing Contracts will be permitted to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts.

9.4         The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), or (iii) pursuant to the terms of a substitution order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder. Upon request, the Company will promptly furnish to the Fund and the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Fund or the Underwriter 45 days notice of its intention to do so.

9.5         Notwithstanding any termination of this Agreement, each party’s obligation under Article VII to indemnify the other parties shall survive. In addition, with respect to Existing Contracts, all provisions of this Agreement also will survive and not be affected by any termination of this Agreement.

ARTICLE X.    Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Fund:

Parnassus Core Equity Fund

1 Market Street, Suite 1600

San Francisco, CA 94105


  21   Exhibit (8)(A11)

 

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

If to Underwriter:

Parnassus Funds Distributor

1 Market Street, Suite 1600

San Francisco, CA 94105

If to Adviser:

Parnassus Investments

1 Market Street, Suite 1600

San Francisco, CA 94105

 

ARTICLE XI.   Miscellaneous

11.1      All persons dealing with the Fund must look solely to the property of the respective Designated Portfolio listed on Schedule A hereto as though such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

11.2      Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any


  22   Exhibit (8)(A11)

 

 

other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent


  23   Exhibit (8)(A11)

 

 

jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3       The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4       This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5       If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6       Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby. Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the New York Department of Financial Services with any information or reports in connection with services provided under this Agreement which it may request in order to ascertain whether the variable contract operations of the Company are being conducted in a manner consistent with New York variable annuity laws and regulations and any other applicable law or regulations.

11.7       The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8       This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

11.9       The schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference. The parties to this Agreement may agree in writing to amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.


  24   Exhibit (8)(A11)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:

  

TEACHERS INSURANCE AND ANNUITY

  

ASSOCIATION OF AMERICA

  

By its authorized officer

  

By:

  

/s/ Hal Moody

  

Title:

  

Senior Director

  

Date:

  

7/11/2016

FUND:

  

Parnassus Core Equity Fund

  

By its authorized officer

  

By:

  

/s/ Benjamin Allen

  

Title:

  

Vice President

  

Date:

  

7/11/2016

UNDERWRITER:

  

Parnassus Funds Distributor

  

By its authorized officer

  

By:

  

/s/ Benjamin Allen

  

Title:

  

Vice President

  

Date:

  

7/11/2016


  25   Exhibit (8)(A11)

 

ADVISER:

  

Parnassus Investments

  

By its authorized officer

  

By:

  

/s/ Benjamin Allen

  

Title:

  

Vice President

  

Date:

  

7/11/2016


SCHEDULE A

 

 

Name of Separate Account

and Date Established by

Board of Trustees

 

 

  Contracts Funded   

by Separate

Account

 

 

Designated Portfolios

 

TIAA Separate Account VA-3

May 17, 2006

 

  Access Annuities   Parnassus Core Equity Fund        


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

 

A.

 Agreement to Provide Shareholder Information.

The Company agrees to provide the Fund or its designee, upon written request, the taxpayer identification number (“TIN”), the Individual/International Taxpayer Identification Number (“ITIN”) or other government-issued identifier (“GII”), if known, of any or all Shareholder(s) of the Account and the amount and date of every purchase, redemption, transfer, and exchange of Shares held through the Account during the period covered by the request. Unless otherwise specifically requested by the Fund or its designee, the Company shall only be required to provide information relating to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions.

 

B.

 Form of and Period Covered by a Request.

The Fund agrees to provide to the Company a written request including the TIN, if known, or any other identifying factor that would provide assistance in determining the identity of the Shareholder(s). Requests to provide such information shall set forth the specific period for which transaction information is sought. Unless otherwise agreed to by the Company, any such request will not cover a period of more than 90 consecutive Business Days.

 

C.

 Form and Timing of Response.

The Company agrees to provide promptly upon request by the Fund or its designee the requested information specified in Section A. If requested by the Fund or its designee, the Company agrees to use its best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section A is itself a financial intermediary (“indirect intermediary”) and, upon further request by the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section A for those shareholders who hold an account with an indirect intermediary or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund. The Company shall promptly inform the Fund or its designee whether it plans to provide such information or restrict trading. A response required by this paragraph must be in writing and in a mutually agreed upon format. To the extent practical, the format for any transaction information provided should be consistent with the NSCC Standardized Data Reporting Format.

 

D.

 Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Fund or its designee to restrict or prohibit further purchases or exchanges of Shares by a Shareholder who has been identified by the Fund or its designee as having engaged in violations of the Fund’s frequent trading policy. Instructions must include the TIN, ITIN, or GII and the specific individual Contract owner number or participant account number associated with the Shareholder, if known, and the specific restriction(s) to be executed, including the length of time such restriction shall remain in


place. If the TIN, ITIN, GII or specific individual Contract owner number or participant account number associated with the Shareholder is not known, then the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates. Unless otherwise directed by the Fund, any such restrictions or prohibitions shall only apply to Shareholder-Initiated Transfer Purchases or Shareholder-Initiated Transfer Redemptions that are effected directly or indirectly through the Company.

The Company agrees to execute instructions to restrict trading as soon as reasonably practical, but not later than five (5) Business Days after receipt of such instructions.

The Company will provide written confirmation to the Fund or its designee that instructions from the Fund to restrict trading have been executed. The Company will provide such confirmation as soon as reasonably practical, but not later than ten (10) Business Days after instructions have been executed.

 

E.

 Limitation on Use of Information.

The Fund agrees not to use the information received from the Company for marketing or any other similar purpose without prior written consent of the Company. The Fund agrees to keep any non-public information furnished by the Intermediary confidential consistent with the Fund’s then current privacy policy, except as necessary to comply with federal, state, or local laws, rules, or other applicable legal requirements.

 

F.

 Definitions.

The term “Fund” is any open-end mutual Fund and includes the Fund’s principal underwriter and transfer agent. The term does not include any “excepted funds” as defined in Rule 22c-2(b) under the 1940 Act.

The term “Shares” means the interest of Shareholders corresponding to the redeemable securities of record issued by the Fund under the 1940 Act that are held by the Company.

The term “Shareholder” means the holder of interests in a Contract or a participant in an employee benefit plan with a beneficial interest in a Contract.

The term “Shareholder-Initiated Transfer Purchase” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract to the Fund, but does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollment such as transfer of assets within a Contract to the Fund as a result of “dollar cost averaging” programs, Company-approved asset allocation programs, or automatic rebalancing programs; (ii) pursuant to a Contract death benefit; (iii) one-time step-up in contract value pursuant to a Contract death benefit; (iv) step-ups in contract value pursuant to a Contract living benefit; (v) allocation of assets to the Fund through a Contract as a result of payments such as loan repayments, scheduled contributions, retirement plan salary reduction contributions, or planned premium payments to the Contract; or (vi) pre-arranged transfers at the conclusion of a required free look period.

The term “Shareholder-Initiated Transfer Redemption” means a transaction that is initiated or directed by a Shareholder that results in a transfer of assets within a Contract out of the Fund, but


does not include transactions that are executed: (i) automatically pursuant to a contractual or systematic program or enrollments such as transfers of assets within a Contract out of the Fund as a result of annuity payouts, loans, systematic withdrawal programs, Company-approved asset allocation programs and automatic rebalancing programs; (ii) as a result of any deduction of charges or fees under a Contract; (iii) within a Contract out of the Fund as a result of scheduled withdrawals or surrenders from a Contract; or (iv) as a result of payment of a death benefit from a Contract.

The term “writing” includes electronic writing and facsimile transmissions.


SCHEDULE C

If a Fund determines that corrective action is necessary with respect to the Account or the Contracts as a result of an error in the computation of the net asset value of its shares, dividend or capital gain errors (“Price Error”), Underwriter will immediately notify Company of the Price Error. The materiality of an incorrect price will be determined with reference to applicable SEC guidance. Underwriter may provide notice of a Price Error via facsimile or via direct or indirect systems access and shall state the incorrect price, the correct price and, to the extent communicated to the Fund’s other shareholders, the reason for the price change. Underwriter will also communicate to Company the amount and nature of any changes to Underwriter’s records with respect to an Account made in order to correct a Price Error. The Company shall adjust all Contract owners’ accounts effect by the Price Error and such loss incurred by those Contract owners owed additional shares shall be offset by the gain in Contract owners’ accounts who received excess shares. Upon receipt of reasonable documentation verifying such losses, Underwriter shall reimburse the Account with the appropriate number of additional shares. In the event of an overpayment to a Contract owner as a result of any error, Company will make a good faith attempt to the extent practicable and permitted by law to collect such overpayment on behalf of, and return such overpayment to, Underwriter, provided that Company is not responsible for any losses to the Fund resulting from such overpayments.

Compensating the Company for its Expenses. Underwriter shall promptly pay for systems and out of pocket costs (including preparing and mailing revised statements) up to $10,000 for each Price Error occurrence; provided, the Company provides a full accounting of expenses and uses its best efforts to mitigate all expenses; and provided further, such cap shall be applied in the aggregate across all agreements between the Company and its affiliates.

Exhibit (8)(A12)

PARTICIPATION AGREEMENT

Between

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

and

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

THIS AGREEMENT, made and entered into as of this          day of                     , 2016 by and between Teachers Insurance and Annuity Association of America (hereinafter, the “Company”), a New York insurance company, on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A hereto as may be amended from time to time (each account hereinafter referred to as the “Account”), and Franklin Templeton Distributors, Inc., a New York corporation (hereinafter the “Underwriter”), with respect to investments in Templeton Income Trust, a Delaware statutory trust (hereinafter the “Fund”).

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended, (hereinafter the “1940 Act”) and shares of the Fund are registered under the Securities Act of 1933, as amended (hereinafter the “1933 Act”); and

WHEREAS, the Fund issues shares to the general public and to certain qualified investors, which may include the separate accounts of insurance companies (“Participating Insurance Companies”) to fund variable annuity contracts sold to certain qualified pension and retirement plans; and

WHEREAS, the beneficial interest in the Fund is divided into several series of shares, each designated a “Portfolio” and representing the interest in a particular managed portfolio of securities and other assets; and

WHEREAS, the Company has issued or will issue certain individual and group annuity contracts designed to fund tax qualified pension plans under Internal Revenue Code of 1986, as amended (the “Code”), Sections 401(a), 403(a), 403(b), 414(d) and 457, or certificates thereunder, set forth in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Contracts”); and

WHEREAS, the Account is duly established and maintained as a segregated asset account, established by resolution of the Board of Trustees of the Company, on the date shown for such Account on Schedule A hereto, to set aside and invest assets attributable to the aforesaid Contracts; and

WHEREAS, the Company has registered or will register the Account as a unit investment trust under the 1940 Act or will not register the Account in proper reliance upon an exclusion from registration under the 1940 Act; and

 

1


Exhibit (8)(A12)

 

WHEREAS, the Company intends to purchase shares of other open-end management investment companies that offer shares to the general public to fund the Contracts; and

WHEREAS, the investment manager to each Designated Portfolio (as defined below) (the “Adviser”) is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and any applicable state securities laws; and

WHEREAS, the Underwriter, which serves as distributor to the Fund, is registered as a broker dealer with the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (hereinafter the “1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (hereinafter “FINRA”); and

WHEREAS, to the extent permitted by applicable insurance laws and regulations, the Company intends to purchase shares in the Portfolios listed in Schedule A hereto, as it may be amended from time to time by mutual written agreement (the “Designated Portfolios”) on behalf of the Account to fund the aforesaid Contracts, and the Underwriter is authorized to sell such shares to unit investment trusts such as the Account at net asset value.

NOW, THEREFORE, in consideration of their mutual promises, the Company and the Underwriter agree as follows:

ARTICLE I. Sale of Fund Shares

1.1      The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Company orders on behalf of the Account, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

1.2      Subject to Article VIII hereof, and the terms set forth in the registration statement of the Fund, as amended from time to time (including the Fund’s right to refuse to sell shares to any person), the Underwriter agrees to make shares of the Designated Portfolios available for purchase at the applicable net asset value per share by the Company on behalf of the Account based on allocations to the Accounts or subaccounts thereof under the Contracts on those days on which the Fund calculates its net asset value pursuant to rules of the SEC, and the Underwriter shall use its best efforts to calculate (or to have calculated) such net asset value on each day which the New York Stock Exchange (“NYSE”) is open for trading unless otherwise permitted by law and in accordance with the Fund’s prospectus. Notwithstanding the foregoing, the Board of Trustees of the Fund (hereinafter the “Board”) may refuse to sell shares of any Designated Portfolio to any person, or suspend or terminate the offering of shares of any Designated Portfolio, or class thereof, if such action is required by law or by regulatory authorities having jurisdiction, or is, in the sole discretion of the Board deemed to be in the best interests of the shareholders of such Designated Portfolio. The Fund reserves the right, upon prior written notice to the Company (given at the earliest practicable time), to take all actions, including but not limited to, the dissolution, reorganization, liquidation, merger or sale of all assets of the Fund or any Designated Portfolio upon the sole authorization of the Board, acting in good faith.

1.3      RESERVED.

 

2


Exhibit (8)(A12)

 

1.4      The Underwriter agrees that the Fund will redeem, on the Company’s request, any full or fractional shares of the Designated Portfolios held by the Company based on allocations of amounts to the Accounts or subaccounts thereof under the Contracts, ordinarily executing such requests at the net asset value next computed after receipt by the Fund or its designee of the request for redemption, except that (i) the Company shall not redeem Designated Portfolio shares attributable to Contract owners except in circumstances permitted in Section 9.4 of this Agreement, and (ii) the Fund reserves the right to suspend the right of redemption or postpone the date of payment or satisfaction upon redemption to the extent permitted by the 1940 Act, and any rules thereunder, and in accordance with the procedures and policies of the Fund as described in its then current prospectus.

1.5      For purposes of Sections 1.7 and 1.11, the Company is hereby appointed as a designee of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Account for shares of the Designated Portfolios made available hereunder, and receipt by such designee shall constitute receipt by the Fund; provided that the Company receives the order in proper form for shares of a Designated Portfolio from the Account on any Business Day prior to 1:00 p.m. Pacific time for that Business Day (“Trade Date”), and the Underwriter receives notice of such order by 9:00 a.m. Eastern time on the next following Business Day, the Account shall receive the net asset value for the shares computed as of the Trade Date. “Business Day” shall mean any day on which the NYSE is open for trading and on which the Fund calculates its net asset value pursuant to the rules of the SEC.

1.6      The Company agrees to purchase and redeem the shares of each Designated Portfolio offered by the then current prospectus of the Fund and in accordance with the provisions of such prospectus (including restrictions on frequent trading, imposition of redemption fees and maintenance of account balance minimums). Notwithstanding the foregoing, the Company’s obligations with respect to frequent trading and redemption fees are solely governed by Section 1.14.

1.7      Net purchase and net redemption transactions with respect to each Account shall be settled in accordance with National Securities Clearing Corporation (“NSCC”) rules and procedures as provided in Section 1.11 below.

In the event that systems of the NSCC are not functioning on or as of a given Business Day (the “Designated Day”), the Company shall transmit net purchase and/or net redemption orders for each Account (each a “Separate Account Instruction”) to the Underwriter via facsimile by 9:00 a.m. Eastern time, 6:00 a.m. Pacific time, on the Business Day following the Designated Day. Immediately following the transmittal of any Separate Account Instruction via facsimile because of an NSCC system failure, the Company must call the Underwriter to notify the Underwriter of the transmittal and the Underwriter will use commercially reasonable efforts to process those Separate Account Instructions in a mutually satisfactory manner. However, this Section 1.7 will not be applicable to Separate Account Instructions which have already been entered into the NSCC’s Defined Contribution Clearance and Settlement System.

In the event that NSCC systems are not functioning on a given Business Day: (1) for net purchase Separate Account Instructions, the Company shall wire payment, or arrange for payment to be wired by its designated bank, in immediately available funds, to the Fund custodial account or accounts designated by the Underwriter; and (2) for net redemption Separate Account Instructions, the Fund shall wire payment, or arrange for payment to be wired, in immediately available funds, to an account

 

3


Exhibit (8)(A12)

 

designated by the Company in the Application described in Section 1.11(2) below. The Fund must receive wires from the Company no later than the close of the Federal Reserve Bank on the Business Day such Separate Account Instructions are received by the Underwriter in accordance with Sections 1.11(5) and (6) below. The Company shall be solely responsible for the accuracy of any instruction transmitted to the Underwriter via NSCC systems or otherwise and the transmission of such Separate Account Instruction shall constitute the Company’s representation to the Underwriter that the Separate Account Instruction is accurate, complete and consistent with instructions received from each person with an indirect interest in shares of a Designated Portfolio through an Account (each a “Beneficial Owner”) for the purchase and/or sale of shares of any Designated Portfolio issued to an Account for allocation by the Company to each Beneficial Owners’ interest in the Contracts. The Company shall assume responsibility for any loss to the Underwriter or to a Designated Portfolio caused by any delayed payment, or a cancellation or correction made subsequent to the date as of which a Separate Account Instruction has been placed, and the Company will immediately pay such loss to the Underwriter or such Designated Portfolio upon notification.

1.8      Issuance and transfer of the Designated Portfolio’s shares will be by book entry only. Stock certificates will not be issued to the Company or any Account. Shares ordered from the Fund will be recorded in an appropriate title for each Account or the appropriate subaccount of each Account.

1.9      The Underwriter shall furnish notice as soon as reasonably practicable to the Company of any income, dividends or capital gain distributions payable on the Designated Portfolios’ shares. The Company on its behalf and on behalf of the Account hereby elects to receive all such income, dividends, and capital gain distributions as are payable on Designated Portfolio shares in additional shares of such Designated Portfolio at the ex-dividend date net asset values. The Company on its behalf and on behalf of the Account reserves the right to revoke this election and to receive all such income dividends and capital gain distributions in cash. The Underwriter shall notify the Company of the number of shares so issued as payment of such dividends and distributions.

1.10    The Underwriter shall make the net asset value per share for each Designated Portfolio available to the Company on a daily basis as soon as reasonably practical after the net asset value per share is calculated (normally by 6:30 p.m. Eastern time) and shall use its best efforts to make such net asset value per share available by 7:00 p.m. Eastern time on each Business Day. Each party to the Agreement agrees that, in the event of a material error resulting from incorrect information or confirmations, the parties will seek to comply in all material respects with the provisions of applicable federal securities laws.

1.11    If transactions in shares of the Designated Portfolios are settled through the NSCC Fund/SERV system, the following provisions shall apply:

(1) The Underwriter and the Company each represents that it or one of its affiliates, or in the case of the Company its custodian, has entered into the Standard Networking Agreement with the NSCC and it desires to participate in the programs offered by the NSCC Fund/SERV system, which provide (i) an automated process whereby shareholder purchases and redemptions, exchanges and transactions of mutual fund shares and executed through the Fund/SERV system, and (ii) a centralized and standardized communication system for the exchange of customer-level information and account activity through the Fund/SERV Networking system (“Networking System”).

 

4


Exhibit (8)(A12)

 

(2) The Company agrees that all Accounts will be established with the same registration.

(3) The Underwriter and the Company or their designees will be bound by the rules of the NSCC. Without limiting the generality of the following provisions of this section, the Underwriter and the Company or their designees each will use its best efforts to (i) perform any and all duties, functions, procedures and responsibilities assigned to it and as otherwise established by the NSCC applicable to Fund/SERV and the Networking Matrix Level utilized; and (ii) ensure that any information transmitted through the Networking System by it to the other party and pursuant to this Agreement is accurate, complete, and in the format prescribed by the NSCC. The Underwriter and the Company or their designees will adopt, implement and maintain procedures reasonably designed to ensure the accuracy of all transmissions through the Networking System and to limit the access to, and the inputting of data into, Networking System to persons specifically authorized by such party.

(4) For each Fund/SERV transaction, including transactions establishing accounts with the Fund or its affiliates, the Company or its designee shall provide the Fund and its affiliates with all information reasonably necessary or appropriate to establish and maintain each Fund/SERV transaction (and any subsequent changes to such information), which the Company hereby certifies is and shall remain true and correct. The Company or its designee shall maintain documents required by the Fund to effect Fund/SERV transactions.

(5) As limited designee of each Designated Portfolio in accordance with Section 1.5 hereof, the Company is authorized on behalf of each Designated Portfolio to: (1) receive orders from each Beneficial Owner in Contract owners’ plans (for acceptance before 1:00 p.m. Pacific time on each Business Day) for the purchase and/or sale of shares of any Designated Portfolio issued to an Account for allocation by the Company to each Beneficial Owners’ interest in the Contracts (each a “Beneficial Owner’s Instruction”); (2) transmit to the NSCC Separate Account Instructions to be received by the Underwriter no later than the time set forth below; and (3) upon acceptance of any such Separate Account Instruction, communicate such acceptance to the applicable Beneficial Owners in Contract owners’ plans. All Separate Account Instructions shall include the fund number assigned to the Accounts.

(6) On each Business Day, the Company shall aggregate all purchase and redemption orders for shares of a Designated Portfolio that the Company received prior to 1:00 p.m. Pacific time. The Company represents and warrants that all orders for net purchases or net redemptions derived from Beneficial Owner’s Instructions received by the Company and transmitted to the NSCC for processing on or as of a Designated Day shall have been received in proper form and time stamped by the Company prior to 1:00 p.m. Pacific time on the Designated Day. Such orders shall receive the Designated Portfolio share price next calculated following 1:00 p.m. Pacific time on the Designated Day (the “Designated Day Price”), provided that the Underwriter receives Separate Account Instructions from the NSCC by 9:00 a.m. Eastern Time, 6:00 a.m. Pacific Time, on the Business Day following

 

5


Exhibit (8)(A12)

 

the Designated Day (the “Submission Time”). Any such Separate Account Instructions that the Underwriter receives after the Submission Time may, but are not guaranteed to, receive the Designated Day Price. The Company assumes responsibility for any loss to a Designated Portfolio caused by the Underwriter’s receipt of Separate Account Instructions after the Submission Time including, but not limited to, losses caused by such Separate Account Instructions receiving the Designated Day Price, or any cancellation or correction made subsequent to the Submission Time. The Company will immediately pay the amount of such loss to a Designated Portfolio upon notification by the Underwriter. The Company represents and warrants that it has, maintains and periodically tests, procedures and systems in place reasonably designed to prevent Beneficial Owner’s Instructions received after 1:00 p.m. Pacific time on a Designated Day from being executed with Beneficial Owner’s Instructions received before 1:00 p.m. Pacific time on that Designated Day.

The Fund and the Underwriter shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds to Contract owners; the Company alone shall be responsible for such action.

To the extent not inconsistent with this Section 1.11 or the NSCC’s Rules and Procedures, the provisions of Article I of this Agreement shall apply to transactions processed through the NSCC.

1.12    RESERVED.

1.13    The Parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; Designated Portfolio shares may be sold to other investors and the cash value of the Contracts may be invested in other investment companies.

1.14    Without limiting the other provisions of this Article I, among other delegations by the Board, the Board has determined that there is a significant risk that the Fund and its shareholders may be adversely affected by investors with short term trading activity and/or whose purchase and redemption activity follows a market timing pattern as defined in the prospectus for the Fund, and have authorized the Fund, the Underwriter and the Fund’s transfer agent to adopt procedures and take other action (including, without limitation, rejecting specific purchase orders in whole or in part) as they deem necessary to reduce, discourage, restrict or eliminate such trading and/or market timing activity. The Company agrees that its purchases and redemptions of Designated Portfolio shares are subject to, and that the Company will assist the Fund in implementing, the Market Timing Trading Policy and Additional Policies (as described in the Fund’s prospectus from time to time) and the Fund’s restrictions on excessive and/or short term trading activity and/or purchase and redemption activity that follows a market timing pattern. Pursuant to Rule 22c-2 of the 1940 Act, on behalf of the Fund, the Underwriter and the Company agree to comply with the terms included in the attached Schedule B as of the effective date of this Agreement.

1.15    The Company shall not intentionally withhold placing orders received from customers solely to profit the Company as a result of such withholding, e.g., by a change in the “net asset value” from that used in determining the offering price to the customers.

1.16    RESERVED.

 

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Exhibit (8)(A12)

 

1.17    The Company shall act in accordance with the Fund’s policies and procedures that have been provided to the Company and that are applicable to the Company’s activities under this Agreement, to the extent permitted by applicable law. Notwithstanding the foregoing, the Company’s obligations with respect to frequent trading and redemption fees are solely governed by Section 1.14.

ARTICLE II.  Representations and Warranties

2.1      The Company represents and warrants that:

 

  (a)

The Contracts and any certificates thereunder are, or prior to any issuance or sale, will be registered under the 1933 Act or that the Contracts are not registered because they are properly exempt from registration under the 1933 Act or will be offered exclusively in transactions that are properly exempt from registration under the 1933 Act, in which case the Company will make every effort to maintain such exemption and will notify the Fund and Underwriter immediately upon having a reasonable basis for believing that such exemption no longer applies or might not apply in the future.

 

  (b)

The Contracts and any certificates thereunder (i) will be sold by broker-dealers, or their registered representatives, who are registered with the SEC under the 1934 Act, and who are members in good standing of FINRA; (ii) will be issued and sold in compliance in all material respects with all applicable federal and state laws; (iii) will not be sold outside the United States; and (iv) that the sale of the Contracts shall comply in all material respects with state insurance suitability requirements and FINRA suitability guidelines. Without limiting the foregoing, the Company agrees that in recommending to a Contract owner the purchase, sale or exchange of any subaccount units under the Contracts, the person making the recommendation shall have reasonable grounds for believing that the recommendation is suitable for such Contract owner.

 

  (c)

It is an insurance company duly organized and in good standing under the laws of its state of organization and is duly qualified to carry on its business in such state and in each other jurisdiction in which its activities hereunder require it to be so qualified.

 

  (d)

It has legally and validly established the Account prior to any issuance or sale thereof as a segregated asset account under New York insurance laws.

 

  (e)

It has registered or, prior to any issuance or sale of the Contracts, will register the Account as a unit investment trust in accordance with the provisions of the 1940 Act to serve as a segregated investment account for the Contracts.

 

  (f)

It is authorized by applicable law and pursuant to its governing documents to enter into and perform all of its duties under this Agreement.

 

  (g)

This Agreement constitutes a legal, valid and binding obligation of the Company, and is fully enforceable against the Company in accordance with its terms.

 

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Exhibit (8)(A12)

 

  (h)

Shares of the Fund will only be available through individual and group annuity contracts designed to fund tax qualified pension plans under Code Sections 401(a), 403(a), 403(b), 414(d) and 457, and will not be available through variable life insurance separate accounts.

 

  (i)

It has and will continue to have the necessary facilities, equipment and personnel to perform its duties and obligations under the Agreement.

 

  (j)

It shall register and qualify the Contracts or interests therein as securities in accordance with the laws of the various states only if and to the extent deemed advisable by the Company.

 

  (k)

The fees and charges deducted under each Contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Company.

2.2      The Underwriter represents and warrants that:

 

  (a)

Designated Portfolio shares sold pursuant to this Agreement shall be registered under the 1933 Act

 

  (b)

The Fund is registered under the 1940 Act.

 

  (c)

The Fund amends its registration statement for its shares under the 1933 Act and the 1940 Act from time to time as required in order to effect the continuous offering of its shares.

2.3      RESERVED.

2.4      The Underwriter makes no representations as to whether any aspect of the Fund’s operations, including but not limited to, investment policies, fees and expenses, complies with the insurance and other applicable laws of the various states.

2.5      The Underwriter represents that the Fund is lawfully organized and validly existing under the laws of the State of Delaware and that the Fund complies in all material respects with the 1940 Act and any regulations thereunder.

2.6      The Underwriter represents and warrants that it is a member in good standing of the FINRA and is registered as a broker-dealer with the SEC and will remain duly registered under all applicable federal and state securities laws.

2.7      RESERVED.

2.8      The Underwriter represents and warrants that all of the Fund’s trustees, officers, employees, and other individuals or entities dealing with the money and/or securities of the Designated Portfolios are and shall continue to be at all times covered by a blanket fidelity bond or similar coverage

 

8


Exhibit (8)(A12)

 

for the benefit of the Fund in an amount not less than the minimum coverage as required currently by Rule 17g-1 of the 1940 Act or related provisions as may be promulgated from time to time. The aforesaid bond shall include coverage for larceny and embezzlement and shall be issued by a reputable bonding company.

2.9      The Company represents and warrants that all of its directors, officers, employees, and other individuals/entities employed or controlled by the Company dealing with the money and/or securities of the Fund are covered by a blanket fidelity bond or similar coverage in an amount not less than $5 million. The aforesaid bond includes coverage for larceny and embezzlement and is issued by a reputable bonding company. The Company agrees that any amounts received under such bond in connection with claims that arise from the arrangements described in this Agreement will be held by the Company for the benefit of the Fund. The Company agrees to make all reasonable efforts to see that this bond or another bond containing these provisions is always in effect, and agrees to notify the Fund and the Underwriter in the event that such coverage no longer applies. The Company agrees to exercise its best efforts to ensure that other individuals/entities not employed or controlled by the Company and dealing with the money and/or securities of the Fund maintain a similar bond or coverage in a reasonable amount.

2.10    RESERVED.

2.11    The Underwriter represents that the Adviser, with respect to the Designated Portfolios listed in Schedule A of the Agreement that are available for investment by the investment accounts of TIAA Separate Account VA-3, has claimed an exclusion from the definition of “commodity pool operator” (“CPO”) under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) rules promulgated thereunder, or is otherwise exempt from registration as a CPO, and therefore is not subject to regulation as a CPO. In addition, the Underwriter represents that the Adviser to the Designated Portfolios is relying on an exclusion from the definition of “commodity trading advisor” (“CTA”) under the CEA and the CFTC rules promulgated thereunder with respect to the Designated Portfolios, and therefore is not subject to regulation as a CTA. To the extent that the Adviser to the Designated Portfolios becomes no longer eligible, or actively takes steps so that it will no longer be eligible, to claim or rely on an exclusion from the definition of a CPO or CTA with respect to the Designated Portfolios, the Underwriter agrees to provide the Company with prompt notice, in writing, of such change in, or plans to change, regulatory status.

2.12    The Company agrees to comply with applicable U.S. Department of Treasury and/or Office of Foreign Assets Control laws, regulations, requirements and guidance (including, but not limited to, those regarding Specially Designated Nationals and Blocked Persons, or any similar provisions; collectively, “OFAC Requirements”) by adopting compliance policies and procedures with respect to Contract owners’ investments in the Accounts.

2.13    The Company agrees to comply with applicable money laundering and currency transactions reporting laws, regulations and government or regulatory guidance, including the use of a customer identification program, suspicious activity reporting and recordkeeping requirements (collectively with the OFAC Requirements, “AML Requirements”), and with any “money laundering” guidelines as may be agreed to by the parties. The Company will ensure the ability of federal examiners to obtain information and records relating to AML Requirements. Upon the reasonable request of the Underwriter or its agents, and in accordance with AML Requirements, the Company will provide sufficient documentation regarding the Company’s compliance with AML Requirements.

 

9


Exhibit (8)(A12)

 

2.14    Notwithstanding anything herein to the contrary, the Underwriter makes no representations regarding and expressly disclaims any liability for (i) the Company’s, an Account’s or a Contract owner’s compliance with Section 817(h) of the Code, and the regulations thereunder or (ii) any “investor control” issues caused by any Contract owners.

ARTICLE III.  Prospectuses, Statements of Additional Information, and Proxy Statements; Voting

3.1      The Company shall be responsible for providing and/or making available all Fund documents required to be sent under the federal securities laws, such as prospectuses, proxy material and periodic shareholder reports (“Regulatory Required Mailings”), and if otherwise required by applicable law governing Accounts and Contracts to Contract owners. At the request of or on behalf of the Company, the Underwriter shall provide the Company or its mailing agent with a sufficient physical quantity of each Designated Portfolio’s Regulatory Required Mailings.

3.2      For purposes of this section, the terms “Summary Prospectus” and “Statutory Prospectus” shall have the same meaning as set forth in Rule 498. If the Company elects to use the Fund’s Summary Prospectuses to satisfy the Company’s prospectus delivery requirement, the Company agrees to do so in compliance with this Agreement and Rule 498, and to give the Underwriter no less than sixty (60) days’ advance written notice of such intended use. The Company also agrees that any binding together of Summary Prospectuses, Statutory Prospectuses, and other materials will be done in compliance with Rule 498(c). The Company further agrees that it will be responsible for compliance with the provisions of Rule 498(f)(1) involving contract owner requests for additional Fund documents made directly to the Company, or one of its affiliates or third-party providers. In connection with the Company’s distribution of any Fund Summary Prospectus, the Company agrees to be solely responsible for the maintenance of website links to the Fund documents site. The Company acknowledges that the Fund documents site is transmitted over the Internet on a reasonable efforts basis, and the Underwriter does not warrant or guarantee its reliability. The Company agrees that it will comply with any posted website Terms of Use.

3.3      RESERVED.

3.4      The Company shall:

 

  (i)

solicit voting instructions from Contract owners;

 

  (ii)

vote the Fund shares in accordance with instructions received from Contract owners; and

 

  (iii)

vote Fund shares for which no timely instructions have been received in the same proportion as Fund shares of such Designated Portfolio for which instructions have been received,

 

10


Exhibit (8)(A12)

 

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 or to the extent otherwise required by law. The Company reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.

ARTICLE IV.  Sales Material and Information

4.1      RESERVED.

4.2      The Company is not authorized to give any information or make any representations concerning shares of a Designated Portfolio except those contained in the Designated Portfolio’s then current Prospectus, Summary Prospectus, Statement of Additional Information or in other materials produced by the Underwriter or by the Fund, nor may the Company present or create any information or materials that are contrary to or inconsistent with the materials so provided to the Company. The Underwriter will supply reasonable quantities of, and/or reasonable electronic access to, sales or other marketing materials, and additional information as issued by the Fund or by the Underwriter. The Underwriter will not be responsible for reimbursing the Company for any costs or expenses the Company may incur for accessing or printing such materials. The Company is not authorized to modify or translate any materials the Underwriter has provided to the Company. The Company agrees, represents and warrants that it is solely responsible for any materials prepared by the Company that are based upon information concerning shares of a Designated Portfolio produced by the Underwriter or the Fund and that such materials will: (a) conform to all requirements of any applicable laws or regulations of any government or authorized agency in the U.S. or any other country having jurisdiction over the offering or sale of shares of the Fund, (b) not be contrary to or inconsistent with the information or materials provided to the Company by the Underwriter or the Fund, and (c) be made available to the Underwriter upon request. The Company agrees to file any advertising or sales material relating to a Designated Portfolio prepared by the Company with the applicable legal or regulatory authority, within the timeframes that may be required from time to time by such legal or regulatory authority. Unless otherwise expressly agreed to in writing, it is understood that the Underwriter will neither review nor approve for use any materials prepared by the Company and will have no involvement in the preparation of, or responsibility for, any such materials prepared by the Company. Notwithstanding the above, the Company may not use the Franklin Templeton Investments name or logo in materials prepared by the Company without the Underwriter’s prior written consent.

4.3      RESERVED.

4.4      The Underwriter shall not give any information or make any representations on behalf of the Company or concerning the Company, the Account, or the Contracts other than the information or representations contained in a registration statement, prospectus, or SAI for the Contracts, as such registration statement, prospectus or SAI may be amended or supplemented from time to time, or in published reports for the Account which are in the public domain or approved by the Company for distribution to Contract owners, or in Sales Literature or Other Promotional Materials approved by the Company or its designee, except with the permission of the Company.

4.5      RESERVED.

 

11


Exhibit (8)(A12)

 

4.6      The Company shall be solely responsible for the timely delivery to Contract owners of (i) Fund prospectuses, including all annual revised copies of the prospectus and other revisions, to Contract owners invested in the Fund, (ii) semi-annual and annual shareholder reports and (iii) proxy material, as required by applicable law.

ARTICLE V.  Fees and Expenses

5.1      The Fund and the Underwriter shall pay no fee or other compensation to the Company under this Agreement.

5.2      All expenses incident to performance by the Underwriter under this Agreement shall be paid by the Underwriter. All expenses incident to performance by the Company under this Agreement shall be paid by the Company.

5.3      The Company shall bear the expenses of providing and/or making available all Regulatory Required Mailings, and all Fund documents otherwise required by applicable law governing Accounts and Contracts to Contract Owners. The Underwriter agrees to cause each Designated Portfolio to reimburse the Company or its agent for its sufficiently documented out-of-pocket mailing costs for sending Regulatory Required Mailings to the Company’s Contract owners.

ARTICLE VI.  Qualification

6.1      The Underwriter represents that each Designated Portfolio is qualified as a Regulated Investment Company under Subchapter M of the Code, and that it will make every effort to maintain such qualification (under Subchapter M or any successor or similar provisions) and that it will notify the Company immediately upon having a reasonable basis for believing that the Fund has ceased to so qualify or that the Fund might not so qualify in the future.

6.2      The Company represents that the Contracts are currently, and at the time of issuance shall be, treated as life insurance, endowment contracts, or annuity insurance contracts, under applicable provisions of the Code, and that it will make every effort to maintain such treatment, and that it will notify the Fund and the Underwriter immediately upon having a reasonable basis for believing the Contracts have ceased to be so treated or that they might not be so treated in the future.

ARTICLE VII.  Indemnification

7.1      Indemnification By the Company

7.1(a). The Company agrees to indemnify and hold harmless the Fund and the Underwriter and each of their officers, trustees, directors, employees, agents, and each person, if any, who controls the Fund or the Underwriter within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.1) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Company) or litigation (including legal and other expenses) (for purposes of this Section 7.1, collectively “Losses”), to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such Losses (or actions in respect thereof) are related to the sale or acquisition of the Fund’s shares or the Contracts and:

 

12


Exhibit (8)(A12)

 

  (i)

arise out of or are based upon any untrue statements or alleged untrue statements of any material fact contained in the Registration Statement, prospectus (which shall include an offering memorandum, if any), or statement of additional information (“SAI”) for the Contracts or contained in Sales Literature or Other Promotional Materials for the Contracts (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was accurately derived from and in conformity with written information furnished to the Company by or on behalf of the Fund for use in the Registration Statement, prospectus or SAI for the Contracts or in the Contracts or Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in and accurately derived from the Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund not supplied by the Company or persons under its control) or wrongful conduct of the Company or persons under its authorization or control, with respect to the sale or acquisition of the Contracts or Fund shares; or

 

  (iii)

arise out of or result from any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Fund or any amendment thereof or supplement thereto or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such a statement or omission was made in reliance upon and accurately derived from written information furnished to the Fund by or on behalf of the Company; or

 

  (iv)

arise as a result of any material failure by the Company to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Company in this Agreement or arise out of or result from any other material breach of this Agreement by the Company; or

 

  (vi)

arise out of or result from any failure by the Company to satisfy requirements, including but not limited to compliance with all applicable laws, relating to the

 

13


Exhibit (8)(A12)

 

 

Company’s electronic delivery of any Regulatory Required Mailings of the Fund or any amendment thereof or supplement thereto, or the Company making such documents available on-line,

as limited by and in accordance with the provisions of Sections 7.1(b) and 7.1(c) hereof.

For purposes of this Section 7.1, Losses shall include, without limitation, all costs associated with or arising out of any failure of a Contract to be considered a life insurance contract, endowment contract, or annuity insurance contract, whichever is appropriate, as specified in Section 6.2, including, without limitation, all costs associated with correcting or responding to any such failure.

7.1(b). The Company shall not be liable under this indemnification provision with respect to any Losses to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance of such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of its obligations or duties under this Agreement.

7.1(c). The Company shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Company in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Company of any such claim shall not relieve the Company from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Company and the Company is damaged solely as a result of failure to give such notice. In case any such action is brought against an Indemnified Party, the Company shall be entitled to participate, at its own expense, in the defense of such action. The Company also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Company to such party of the Company’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Company will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Company and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Company and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Company will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final

 

14


Exhibit (8)(A12)

 

 

judgment for the plaintiff, the Company agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.1(d). The Indemnified Parties will promptly notify the Company of the commencement of any litigation or proceedings against them in connection with the issuance or sale of the Fund shares or the Contracts or the operation of the Fund.

7.2       Indemnification by the Underwriter

7.2(a). The Underwriter agrees to indemnify and hold harmless the Company and each of its trustees, officers, employees, agents, and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act (collectively, the “Indemnified Parties” for purposes of this Section 7.2) against any and all losses, claims, damages, liabilities (including amounts paid in settlement with the written consent of the Underwriter) or litigation (including legal and other expenses) (for purposes of this Section 7.2, collectively “Losses”) to which the Indemnified Parties may become subject under any statute or regulation, at common law or otherwise, insofar as such Losses (or actions in respect thereof) are related to the sale or acquisition of the Fund’s shares or the Contracts; and

 

  (i)

arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or prospectus or SAI or Sales Literature or Other Promotional Materials of the Fund (or any amendment or supplement to any of the foregoing), or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that this agreement to indemnify shall not apply as to any Indemnified Party if such statement or omission or such alleged statement or omission was accurately derived from and in conformity with written information furnished to the Underwriter or Fund by or on behalf of the Company for use in the Registration Statement or prospectus for the Fund or in Sales Literature or Other Promotional Materials (or any amendment or supplement) or otherwise for use in connection with the sale of the Contracts or Fund shares to the Account; or

 

  (ii)

arise out of or as a result of statements or representations (other than statements or representations contained in and accurately derived from the Registration Statement, prospectus or Sales Literature or Other Promotional Materials for the Contracts not supplied by the Underwriter or persons under its control) or wrongful conduct of the Fund or Underwriter or persons under their control, with respect to the sale or distribution of the Contracts or Fund shares to the Account; or

 

  (iii)

arise out of or result from any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement, prospectus, SAI, or Sales Literature or Other Promotional Materials of the Contracts, or any

 

15


Exhibit (8)(A12)

 

 

amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement or statements therein not misleading, if such statement or omission was made in reliance upon and accurately derived from written information furnished to the Company by or on behalf of the Fund or the Underwriter; or

 

  (iv)

arise as a result of any material failure by the Fund or the Underwriter to provide the services and furnish the materials under the terms of this Agreement (including a failure, whether unintentional or in good faith or otherwise, to comply with the qualification requirements specified in Article VI of this Agreement); or

 

  (v)

arise out of or result from any material breach of any representation and/or warranty made by the Underwriter in this Agreement or arise out of or result from any other material breach of this Agreement by the Underwriter;

as limited by and in accordance with the provisions of Sections 7.2(b) and 7.2(c) hereof.

For purposes of this Section 7.2, Loss shall include, without limitation, all costs associated with or arising out of any failure of the Fund or any Designated Portfolio to comply with the qualification requirements specified in Section 6.1, including, without limitation, all costs associated with correcting or responding to any such failure.

7.2(b). The Underwriter shall not be liable under this indemnification provision with respect to any Losses to which an Indemnified Party would otherwise be subject by reason of such Indemnified Party’s willful misfeasance, bad faith, or gross negligence in the performance or such Indemnified Party’s duties or by reason of such Indemnified Party’s reckless disregard of obligations and duties under this Agreement or to the Company or the Account, whichever is applicable.

7.2(c). The Underwriter shall not be liable under this indemnification provision with respect to any claim made against an Indemnified Party unless such Indemnified Party shall have notified the Underwriter in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of such service on any designated agent), but failure to notify the Underwriter of any such claim shall not relieve the Underwriter from any liability which it may have to the Indemnified Party against whom such action is brought otherwise than on account of this indemnification provision, except to the extent that the failure to notify results in the failure of actual notice to the Underwriter and the Underwriter is damaged solely as a result of failure to give such notice. In case any such action is brought against the Indemnified Party, the Underwriter will be entitled to participate, at its own expense, in the defense thereof. The Underwriter also shall be entitled to assume the defense thereof, with counsel satisfactory to the party named in the action and to settle the claim at its own expense; provided, however, that no such settlement shall, without the Indemnified Parties’ written consent, include any factual stipulation referring to the Indemnified Parties or their conduct. After notice from the Underwriter to such party of the Underwriter’s election to assume

 

16


Exhibit (8)(A12)

 

the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Underwriter will not be liable to such party under this Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless:

 

  (i)

the Underwriter and the Indemnified Party will have mutually agreed to the retention of such counsel; or

 

  (ii)

the named parties to any such proceeding (including any impleaded parties) include both the Underwriter and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The Underwriter will not be liable for any settlement of any proceeding effected without its written consent but if settled with such consent or if there is a final judgment for the plaintiff, the Underwriter agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

7.2(d). The Company agrees promptly to notify the Underwriter of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of the Contracts or the operation of the Account.

ARTICLE VIII.  Applicable Law

8.1      This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of California.

8.2      This Agreement shall be subject to the provisions of the 1933, 1934 and 1940 Acts, and the rules and regulations and rulings thereunder, including such exemptions from those statutes, rules and regulations as the SEC may grant and the terms hereof shall be interpreted and construed in accordance therewith.

ARTICLE IX.  Termination

9.1      This Agreement shall continue in full force and effect until the first to occur of:

 

  (a)

termination by any party, for any reason with respect to some or all Designated Portfolios, by one-hundred twenty (120) days’ advance written notice delivered to the other parties or, if later, upon receipt of any required exemptive relief or orders from the SEC, unless otherwise agreed in a separate written agreement among the parties; or

 

  (b)

termination by the Company by written notice to the Underwriter in the event any of the Designated Portfolio’s shares are not registered, issued or sold in accordance with applicable state and/or federal law or such law precludes the use of such shares as the underlying investment media of the Contracts issued or to be issued by the Company; or

 

17


Exhibit (8)(A12)

 

  (c)

termination by the Underwriter in the event that formal administrative proceedings are instituted against the Company by the FINRA, the SEC, the Insurance Commissioner or like official of any state or any other regulatory body regarding the Company’s duties under this Agreement or related to the sale of the Contracts or certificates, the operation of any Account, or the purchase of the Fund shares; provided, however, that the Underwriter determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Company to perform its obligations under this Agreement; or

 

  (d)

termination by the Company in the event that formal administrative proceedings are instituted against the Fund or Underwriter by the FINRA, the SEC, or any state securities or insurance department or any other regulatory body; provided, however, that the Company determines in its sole judgment exercised in good faith, that any such administrative proceedings will have a material adverse effect upon the ability of the Underwriter to perform its obligations under this Agreement; or

 

  (e)

termination immediately by the Company by written notice to the Underwriter with respect to any Designated Portfolio in the event that such Designated Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M, or if the Company reasonably believes that such Designated Portfolio may fail to so qualify or comply; or

 

  (f)

termination immediately by the Fund or Underwriter by written notice to the Company in the event that the Contracts fail to meet the qualifications specified in Section 6.2 hereof; or if the Underwriter reasonably believes that such Contracts may fail to so qualify; or

 

  (g)

termination by the Underwriter by written notice to the Company, if the Underwriter shall determine, in its sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (h)

termination by the Company by written notice to the Underwriter, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Adviser, or the Underwriter has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement or is the subject of material adverse publicity; or

 

  (i)

termination by the Company upon any substitution of the shares of another investment company or series thereof for shares of a Designated Portfolio of the

 

18


Exhibit (8)(A12)

 

 

Fund in accordance with the terms of the Contract, provided that the Company has given, no later than the date the filing of the application for approval of the proposed substitution of securities, prior written notice to the Underwriter; or

 

  (j)

termination by mutual agreement of the parties at any time; or

 

  (k)

termination immediately by the Company upon written notice to the Underwriter if the Underwriter materially breaches any of the representations and warranties made in this Agreement or the Underwriter is materially in default in the performance of any of its duties or obligations under this Agreement, receives a written notice thereof and fails to remedy such default or breach to the Company’s reasonable satisfaction within 30 days after such notice; or

 

  (l)

termination immediately by the Underwriter upon written notice to the Company if the Company materially breaches any of the representations and warranties made in this Agreement or the Company is materially in default in the performance of any of its duties or obligations under this Agreement, receives a written notice thereof and fails to remedy such default or breach to the Underwriter’s reasonable satisfaction within 30 days after such notice; or

 

  (m)

termination by the Underwriter if the Board of the Fund, in the exercise of its fiduciary duties, either (i) determines that such termination is a necessary and appropriate remedy for a material breach of this Agreement, which includes a violation of laws, or (ii) determines to completely liquidate a Designated Portfolio; or

 

  (n)

termination immediately in the event of the assignment of this Agreement by any party without the prior written approval of the other parties, or as otherwise required by law.

9.2      Notice Requirement. No termination of this Agreement will be effective unless and until the party terminating this Agreement gives prior written notice to the other party of its intent to terminate, which notice will set forth the basis for the termination.

9.3      Effect of Termination. If this Agreement is terminated in accordance with this Article IX, the Fund may redeem at its option, in kind or for cash, the Fund shares held by the Account on the effective date of termination of this Agreement. In addition, if this Agreement is terminated pursuant to Section 9.1(j), the Underwriter and Fund shall, at the Company’s option, continue to make available additional shares of any Designated Portfolio and redeem shares of any Designated Portfolio for any or all Contracts or Accounts existing on the effective date of termination of this Agreement (“Existing Contracts”), pursuant to the terms and condition, s of this Agreement. If this Agreement is terminated pursuant to Section 9.1(a), the Underwriter and Fund may, at their option, continue to make available additional shares of any Designated Portfolio and redeem shares of any Designated Portfolio for any or all Existing Contracts, pursuant to the terms and conditions of this Agreement.

 

19


Exhibit (8)(A12)

 

9.4      The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice of the Underwriter, as permitted by an order issued by the SEC pursuant to Section 26(c) of the 1940 Act or a no-action letter thereunder, but only if a substitution of other securities for the shares of the Designated Portfolio is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contract. Upon request, the Company shall promptly furnish to the Underwriter reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the Underwriter 45 days’ notice of its intention to do so.

9.5      Notwithstanding any termination of this Agreement, except as provided in Section 9.3, the provisions under Article II (Representations and Warranties) and Article VII (Indemnification) shall survive.

ARTICLE X. Notices

Any notice shall be sufficiently given when sent by registered or certified mail to the other party at the address of such party set forth below or at such other address as such party may from time to time specify in writing to the other party.

If to the Company:

TIAA

8500 Andrew Carnegie Blvd

Charlotte, North Carolina 28262

Attention: Mike Kloss

If to the Underwriter:

Franklin Templeton Investments

1 Franklin Parkway

San Mateo, California 94403

Attn: General Counsel

ARTICLE XI. Miscellaneous

11.1      The Company agrees to look solely to the property of the respective Designated Portfolios listed on Schedule A hereto as though each such Designated Portfolio had separately contracted with the Company and the Underwriter for the enforcement of any claims against the Fund. The parties agree that neither the Board, officers, agents or shareholders assume any personal liability or responsibility for obligations entered into by or on behalf of the Fund.

 

20


Exhibit (8)(A12)

 

11.2      Subject to the requirements of legal process and regulatory authority, each party hereto shall treat as confidential the names and addresses of the owners of the Contracts and all information reasonably identified as confidential in writing by any other party hereto and, except as permitted by this Agreement, otherwise required by law or pursuant to an order of a court, government agency or regulatory body, shall not disclose, disseminate or utilize such names and addresses and other confidential information without the express written consent of the affected party until such time as such information may come into the public domain. Notwithstanding anything to the contrary in this Agreement, in addition to and not in lieu of other provisions in this Agreement:

 

  (a)

“Confidential Information” includes without limitation all information regarding the customers of the Company, the Fund, Underwriter or any of their subsidiaries, affiliates, or licensees, or the accounts, account numbers, names, addresses, social security numbers or any other personal identifier of such customers, or any information derived therefrom;

 

  (b)

Neither the Company, the Fund, Adviser or Underwriter may disclose Confidential Information for any purpose other than to carry out the purpose for which Confidential Information was provided to the Company, the Fund, or Underwriter as set forth in this Agreement; and the Company, the Fund, and Underwriter agree to cause their employees, agents and representatives, or any other party to whom the Company, the Fund, or Underwriter may provide access to or disclose Confidential Information to limit the use and disclosure of Confidential Information to that purpose. The Company, the Fund and the Underwriter agree to maintain in confidence the other’s Confidential Information and limit access to said Confidential Information within their own organization to only those persons who need to know such Confidential Information. Each party will treat the Confidential Information of the others with at least the same degree of care they use to protect their own proprietary information, but no less than reasonable care under the circumstances;

 

  (c)

The Company, the Fund, and Underwriter agree to implement appropriate measures designed to ensure the security and confidentiality of Confidential Information, to protect such Confidential Information against any anticipated threats or hazards to the security and integrity of such measures implemented to ensure the security and confidentiality of such Confidential Information, and to protect against unauthorized access to, or use of, Confidential Information that could result in substantial harm to any of the customers of the Company or any of its subsidiaries, affiliates or licensees or substantial harm to the Company, the Fund or to Underwriter; the Company, the Fund, and Underwriter further agree to cause all their respective agents, representatives or subcontractors, or any other party to whom they provide access to or disclose Confidential Information, to implement appropriate measures to meet the objectives set forth in this Section 11.2.

 

  (d)

In the event the receiving party is required to disclose another party’s Confidential Information pursuant to a judicial or governmental order, such receiving party will promptly notify the disclosing party in writing in sufficient time to allow intervention in response to such an order.

 

21


Exhibit (8)(A12)

 

  (e)

No receiving party shall acquire any rights in or to the Confidential Information of another party, except the limited right to use the Confidential Information solely for the purposes set forth in this Agreement or as agreed upon in writing by the parties.

 

  (f)

Each party hereto respectively agrees to be responsible for compliance with the terms of this Section 11.2 and acknowledges that a breach of any of the terms in this Section 11.2 by any of their employees, agents, affiliates or others acting on their behalf will be deemed a breach. Each party hereto shall notify the other party upon discovery of any unauthorized use or disclosure of such party’s Confidential Information or any other breach of this Section 11.2 and will cooperate in every reasonable way to help the other regain possession of its Confidential Information and prevent its further unauthorized use. Each party hereto acknowledges that a party, because of the nature of its Confidential Information, would suffer irreparable harm in the event of a material breach of the provisions of this Section 11.2 in that monetary damages would be inadequate to compensate for such a breach, and that in the event of any material breach or threatened material breach by a party of any such provisions, the non-breaching party shall be entitled, in addition to such other legal or equitable remedies which might be available, to seek preliminary or temporary injunctive relief in any court of competent jurisdiction against the threatened material breach or continuation of any such material breach without showing or proving any actual damages sustained by it. If the non-breaching party prevails against the breaching party in any action brought to enjoin a material breach or threatened breach of this Section 11.2, it shall be entitled to reasonable attorney’s fees and costs in connection with such legal proceeding.

 

  (g)

Each party hereto agrees that the terms of this Section 11.2 shall survive the termination or cancellation of this Agreement.

11.3      The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

11.4      This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one and the same instrument.

11.5      If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of the Agreement shall not be affected thereby.

11.6      Each party hereto shall cooperate with each other party and all appropriate governmental authorities (including without limitation the SEC, the FINRA, and state insurance regulators) and shall permit such authorities reasonable access to its books and records in connection with any investigation or inquiry relating to this Agreement or the transactions contemplated hereby.

11.7      The rights, remedies and obligations contained in this Agreement are cumulative and are in addition to any and all rights, remedies, and obligations, at law or in equity, which the parties hereto are entitled to under state and federal laws.

11.8      This Agreement or any of the rights and obligations hereunder may not be assigned by any party without the prior written consent of all parties hereto.

 

22


Exhibit (8)(A12)

 

11.9      No provisions of this Agreement may be amended or modified in any manner except by a written agreement properly authorized and executed by both parties. Notwithstanding the foregoing, the schedules to this Agreement (each, a “Schedule,” collectively, the “Schedules”) form an integral part hereof and are incorporated herein by reference, and the parties to this Agreement may agree in writing to separately amend the Schedules to this Agreement from time to time to reflect changes in or relating to the Contracts, the Account or the Designated Portfolios of the Fund or other applicable terms of this Agreement. References herein to any Schedule are to the Schedule then in effect, taking into account any amendments thereto.

11.10    Except for the limited purpose specifically described in Section 1, nothing contained in this Agreement shall be deemed or construed to constitute or create a partnership, association, or joint venture or agency relationship among the Company and the Underwriter.

11.11    Each party agrees to maintain all records required of such party by applicable law relating to the offer and sale of shares of the Designated Portfolios. Upon reasonable request by one party, the other party will provide access to or make copies of such records.

 

23


Exhibit (8)(A12)

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed in its name and on its behalf by its duly authorized representative and its seal to be hereunder affixed hereto as of the date specified below.

 

COMPANY:   TEACHERS INSURANCE AND ANNUITY
  ASSOCIATION OF AMERICA
  By its authorized officer
  By:   /s/ Hal Moody
  Title:   Senior Director
  Date:   11/17/2016
UNDERWRITER:   FRANKLIN TEMPLETON DISTRIBUTORS, INC.
  By its authorized officer
  By:   /s/ Dan O’Lear
  Title:     President
  Date:   11/17/2016

 

24


SCHEDULE A

 

Name of Separate Account

and Date Established by

Board of Trustees

  

Contracts Funded  

by Separate

Account

  

Designated Portfolios

(Share Class)

TIAA Separate Account VA-3

May 17, 2006

   Access Annuities   

Templeton Global Bond Fund

(Class R6)


SCHEDULE B

All capitalized terms used herein and not otherwise defined shall have the meaning ascribed to such term in the Agreement.

A.    Agreement to Provide Shareholder Information.

The Company agrees to provide the Underwriter, upon written request, the taxpayer identification number (“TIN”) of any or all Contract owner(s) and/or Beneficial Owner(s) of the account and the amount, date, name or other identifier of any investment professional(s) associated with the Contract owner(s) and/or Beneficial Owner(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Fund Shares held through an account maintained by the Company during the period covered by the request.

(i)        Period Covered by Request. Requests must set forth a specific period, not to exceed ninety (90) days from the date of the request, for which transaction information is sought. The Underwriter may request transaction information older than ninety (90) days and up to 24 months from the date of the request as it deems necessary to investigate compliance with policies established by it for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.

(ii)      Form and Timing of Response. The Company agrees to transmit the requested information that is on its books and records to Underwriter or its designee promptly, but in any event not later than five (5) business days, after receipt of a request. If the requested information is not on the Company’s books and records, the Company agrees to: (a) provide or arrange to provide the Underwriter or its designee the requested information regarding Contract owners and/or Beneficial Owners who hold an account with an indirect intermediary; or (b) prohibit further purchases of Fund Shares by such indirect intermediary on behalf of itself or other persons. Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties. To the extent practicable, the format for any transaction information provided to the Underwriter should be consistent with the NSCC Standardized Data Reporting Format.

(iii)     Limitations on Use of Information. The Underwriter agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Company.

B.    Agreement to Restrict Trading.

The Company agrees to execute written instructions from the Underwriter or its designee to restrict or prohibit further purchases or exchanges of Fund Shares by a Contract owner or Beneficial Owner who has been identified by the Underwriter or its designee as having engaged in transactions in Fund Shares (directly or indirectly through the Company’s account) that violates policies established by the Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by the Fund.


(i)        Form of Instructions. Instructions must include the TIN and the specific restriction(s) to be executed. If the TIN is not known, the instructions must include an equivalent identifying number of the Contract owner(s) or Beneficial Owner(s) or account(s) or other agreed upon information to which the instruction relates.

(ii)      Timing of Response. The Company agrees to execute instructions as soon as reasonably practicable, but not later than five (5) business days after receipt of the instructions by the Company.

(iii)      Confirmation by Intermediary. The Company must provide written confirmation to the Underwriter or its designee that instructions have been executed. The Company agrees to provide confirmation as soon as reasonably practicable, but not later than ten (10) business days after the instructions have been executed.

C.    Definitions.

For purposes of this section:

(i)        The term “Fund” includes the fund’s principal underwriter and transfer agent or other designated affiliates. The term does not include any “excepted funds” as defined in SEC Rule 22c-2(b) under the Investment Company Act of 1940 Act.

(ii)       The term “Shares” means the interests of Contract owners and/or Beneficial Owners corresponding to the redeemable securities of record issued by the Fund under the Investment Company Act of 1940 that are held by the Company.

(iii)      The term “Beneficial Owner” means the person with the indirect interest in Shares including a plan participant notwithstanding that the plan may be deemed to be the beneficial owner of Shares.

(iv)      The term “written” includes electronic writings and facsimile transmissions.

(v)       The term “purchase” does not include the automatic reinvestment of dividends or distributions.

D.    Amendments.

Any amendments to this Schedule shall require a written agreement properly authorized and executed by both parties.

Exhibit (8)(A13)

AMENDMENT TO FUND PARTICIPATION AND SERVICE AGREEMENT

This Amendment is entered into as of               , 2016, by and among Teachers Insurance and Annuity Association of America (the “Company”) on its own behalf and on behalf of each segregated asset account of the Company set forth on Schedule A of the Agreement as may be amended from time to time, T. Rowe Price Associates, Inc. (“Adviser”), on behalf of itself and the T. Rowe Price Funds (“Fund” or “Funds”) and T. Rowe Price Investment Services, Inc. (hereinafter the “Underwriter”), a Maryland corporation.

RECITALS

WHEREAS, the parties entered into a Participation Agreement dated December 15, 2006, as amended (the “Agreement”);

WHEREAS, the parties desire to amend the Agreement;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, which consideration is full and complete, the parties hereby agree to amend the Agreement as follows:

1. Amendment

Schedule A. Schedule A of the Agreement is deleted in its entirety and replaced with Schedule A attached hereto.

2. Continuing Provisions of the Agreement. Except as otherwise specifically set forth in this Amendment, all other terms of the Agreement shall remain unchanged and continue in full force and effect.

3. Counterpart Signatures. This Amendment may be executed in any number of counterpart signatures with the same effect as if the parties had all signed the same document. Facsimile signatures shall have the same effect as manual signatures. All counterpart signatures shall be construed together and shall constitute one agreement.

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed as of the date first above written.

 

TEACHERS INSURANCE AND ANNUITY  
ASSOCIATION OF AMERICA  
By:  /s/ Hal Moody    
Title: Senior Director    
Date:  8/8/2016    
T. ROWE PRICE INVESTMENT SERVICES, INC.   T. ROWE PRICE ASSOCIATES, INC.  
By: /s/ Laura Chasney   By: /s/ Laura Chasney  
Title: Vice President   Title: Vice President  
Date: 8/9/2016   Date: 8/9/2016  


Schedule A

Separate Accounts of the Company

 

Separate Accounts        Funds        Ticker Symbol
TIAA Separate Account VA-3       

      T. Rowe Price Institutional

Large Cap Growth Fund

   TRLGX
    

T. Rowe Price QM U.S. Small-Cap    

Growth Equity Fund

   PRDSX
    

T. Rowe Price QM U.S. Small-Cap    

Growth Equity Fund-I Class

   TQAIX

Exhibit (8)(A14)

NSCC Membership Number 2006

SCHEDULE B

VANGUARD FUNDS

Vanguard Emerging Markets Stock Index Fund (Admiral Shares)

Vanguard Emerging Markets Stock Index Institutional

Vanguard Explorer Fund (Admiral Shares)

Vanguard Explorer Fund (Investor Shares)

Vanguard Intermediate-Term Treasury Fund (Admiral Shares)

Vanguard Intermediate-Term Treasury Fund (Investor Shares)

Vanguard Selected Value Fund (Investor Shares)

Vanguard Small-Cap Value Index Fund (Investor Shares)

Vanguard Small-Cap Value Index Institutional

Vanguard Wellington Fund (Admiral Shares)

Vanguard Wellington Fund (Investor Shares)

Vanguard 500 Index Fund (Admiral Shares)

Vanguard Equity Income Fund (Admiral Shares)

Vanguard Extended Market Index Fund (Admiral Shares)

Vanguard Total Bond Market Index Fund (Admiral Shares)

This Schedule B, to the Agreement dated April 15, 2011, is updated and effective as of September 20, 2016 and replaces all prior versions of this Schedule.

 

THE VANGUARD GROUP, INC.
By:    /s/ Rick Poluch
Print Name:    Rick Poluch
Title:    Principal

 

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA,
on behalf of itself and each segregated asset account set forth on Schedule A
By:    /s/ Hal Moody
Print Name:    Hal Moody
Title:    Senior Director
JPMORGAN CHASE BANK, N.A.
By:    /s/ Edward Semlies
Title:    Vice President

Exhibit (8)(A15)

ADMINISTRATIVE SERVICES AGREEMENT

Teachers Insurance and Annuity Association of America (the “Insurer”) and Ariel Investment Trust (the “Fund”, collectively, the “Parties”), mutually agree to the arrangements set forth in this Administrative Services Agreement (the “Agreement”), effective the         of                       , 2016.

WHEREAS, Ariel Investments, LLC (the “Adviser”) serves as the investment adviser to the series of funds within Ariel Investment Trust (the funds within Ariel Investment Trust will be referred to the “Portfolios”); and

WHEREAS, the Insurer issues variable annuity contracts (collectively, the “Contracts”) on an individual and group basis; and

WHEREAS, the Insurer has entered into a participation agreement with the Ariel Distributors, LLC, a registered broker dealer and distributor of the Portfolios (the “Participation Agreement”) pursuant to which the Distributor has agreed to make shares of the Portfolios listed in Schedule B hereto available for purchase by one of the Insurer’s separate accounts thereof (the “Separate Account”), in connection with the allocation by Contract owners of purchase payments to corresponding investment options offered under the Contracts; and

WHEREAS, the Insurer performs the administrative services listed on Schedule A hereto in connection with the Contracts issued by the Insurer which provide for investments in selected Portfolios of the Fund; and

WHEREAS, the Insurer desires to be compensated for providing such administrative services and the Fund wishes to compensate Insurer for the administrative services the Insurer will provide to the Fund; and

NOW, THEREFORE, the Parties agree as follows:

Section 1.  Administrative Services; Payments Therefor

(a)  The Fund shall pay Insurer a fee for services performed for or provided to the Fund under this Agreement.

(b)  The Insurer shall calculate the Quarterly Fee, as specified in Schedule C, at the end of each calendar quarter and provide the Fund with an invoice and such additional information as the Fund may request to substantiate, verify and document the charges for the administrative services performed in accordance with Schedule A, attached hereto and made a part hereof, as the same may be amended from time to time.

(c)  After receipt of quarterly invoices from Insurer and provided the Fund deems such invoices to be accurate, the Fund shall pay Insurer for its services within 30 days of the Fund’s receipt of the invoices or in a manner mutually agreed upon by the Parties from time to time.

 

1


Section 2.  Nature of Payments

The Parties to this Agreement recognize and agree that the Fund’s payments hereunder are for administrative services only and do not constitute payment in any manner for investment advisory services or for costs of distribution of Contracts or of Portfolio shares, and are not otherwise related to investment advisory or distribution services or expenses. The Insurer represents and warrants that the fees to be paid by the Fund for services to be rendered by the Insurer pursuant to the terms of this Agreement are to compensate the Insurer for providing administrative services to the Portfolios, and are not designed to reimburse or compensate Insurer for providing administrative services with respect to the Contracts or any Separate Account.

Section 3.  Termination

Any Party may terminate this Agreement, without penalty, on 60 days written notice to the other Party. This Agreement shall terminate automatically upon:

 

  (a) the redemption of all shares of the Portfolios held in the Separate Accounts,

 

  (b) termination of the Participation Agreement,

 

  (c) as to a Portfolio, upon termination of the investment advisory agreement between the Fund, on behalf of such Portfolio, and the Adviser, or

 

  (d) the assignment of the Participation Agreement by either party to the Agreement (except for assignments to affiliates).

Unless so terminated, this Agreement shall continue in effect for so long as the Adviser or its successor(s) in interest, or any affiliate thereof, continues to perform in a similar capacity for the Fund or a Portfolio, and for so long as the Insurer provides the services contemplated hereunder with respect to Contracts under which values or monies are allocated to a Portfolio.

Section 4.  Amendment

This Agreement may be amended upon mutual agreement of the Parties in writing.

Section 5.  Miscellaneous

(a)  Successors and Assigns.  This Agreement shall be binding upon the Parties and their respective transferees, successors, and permitted assigns. The benefits of and the right to enforce this Agreement shall accrue to the Parties and their transferees, successors, and permitted assigns.

(b)  Assignment.  Neither this Agreement nor any of the rights, obligations, or liabilities of either Party hereto shall be assigned without the written consent of the other Party.

(c)  Intended Beneficiaries.  Nothing in this Agreement shall be construed to give any person or entity other than the Parties, as well as the Portfolios, any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the Parties, as well as the Fund and its Portfolios.

 

2


(d)  Compliance with Law.  In the performance of such services as described herein, the Insurer shall comply with applicable laws, rules and regulations.

(e)  Currency.  Payment for services performed by Insurer under this Agreement may be made in the lawful currency of the United States.

(f)  Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument.

(g)  Applicable Law.  This Agreement shall be interpreted, construed, and enforced in accordance with the laws of the Illinois without reference to the conflict of law principles thereof.

(h)  Severability.  If any portion of this Agreement shall be found to be invalid or unenforceable by a court or tribunal or regulatory agency of competent jurisdiction, the remainder shall not be affected thereby, but shall have the same force and effect as if the invalid or unenforceable portion had not been inserted.

(j)  Performance Standards.  Insurer agrees that in performing or providing functions or services hereunder, it shall use that degree of ordinary care and reasonable diligence that an experienced and qualified provider of similar services would use acting in like circumstances and experience in such matters and in accordance with the standards, practices and procedures established by Insurer for its own business. Insurer shall perform services according to servicing standards of the Adviser and the Fund or such other standards as may be mutually agreed upon by the Parties. Insurer shall comply with all applicable laws, regulations, rules and orders in connection with providing the services hereunder. Insurer agrees to maintain sufficient facilities and trained personnel of the kind necessary to perform the services under this Agreement.

(k) Capacity of Personnel and Status of Facilities.  Whenever Insurer utilizes its personnel or contracts with others to perform services for the Fund pursuant to this Agreement, such personnel or contract workers shall at all times remain employees or contract workers of Insurer, subject solely to its direction and control. The Fund shall have no liability to such employees or contract workers for their welfare, salaries, fringe benefits, legally required employer contributions and tax obligations. No facility of Insurer used in performing services for or subject to use by Fund shall be deemed to be transferred, assigned, conveyed or leased by performance or use pursuant to this Agreement.

(n)  Maintenance of Books.  The Insurer and the Fund each shall be responsible for maintaining their own respective books, accounts and records in such a way as to disclose clearly and accurately the nature and detail of the transactions between them, including such accounting information as is necessary to support the reasonableness of charges under this Agreement, and such additional information as the Fund may reasonably request for purposes of its internal bookkeeping and accounting operations. Insurer shall keep such books, records and accounts insofar as they pertain to the computation of charges hereunder available for audit, inspection and copying by the Fund and persons authorized by the Fund or any governmental agency having jurisdiction over the Fund during all reasonable business hours. As part of its disaster recovery program, Insurer agrees to maintain back-up records, which will be available to the

 

3


Fund in the event of a disaster. All costs for the business continuity and disaster recovery program, including the use of an alternative site, if needed, in the event of a disaster, will be borne by the Insurer.

(o)  Ownership and Custody of Records.  All records, books, and files established and maintained by Insurer by reason of its performance of services under this Agreement, which absent this Agreement would have been held by the Fund shall be deemed the property of the Fund and shall be maintained in accordance with applicable law and regulation. Such records should be available, during normal business hours, for inspection by the Fund, anyone authorized by the Fund, and any governmental agency that has regulatory authority over the Fund’s business activities. Copies of such records, books and files shall be delivered to the Fund on demand. All such records, books and files shall be promptly transferred to the Fund by Insurer upon termination of this Agreement.

(p)  Audit.  The Fund and persons authorized by the Fund or any governmental agency having jurisdiction over the Fund shall have the right, at the Fund’s expense, to conduct an audit of the relevant books, records and accounts of Insurer upon giving reasonable notice of its intent to conduct such an audit. In the event of such audit, Insurer shall give to the party requesting the audit reasonable cooperation and access to all books, records and accounts necessary to audit during normal business hours.

(q)  Entire Agreement.   This Agreement constitutes the entire agreement between the Parties for the services described herein; and no other agreement, statement or promise not contained in this Agreement shall be valid or binding.

(r)  Notices.  Any notice to be given under this Agreement shall be in writing and shall be delivered, or sent by facsimile or other telecommunications facility to the address set forth below. Any such notice shall be effective when received. Any party may change its address for notice by giving notice in accordance with this Section. The present addresses are as follows:

 

  (i) the Insurer at:

TIAA

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

Attention:  Mike Kloss

 

  (ii) the Fund at:

Ariel Investment Trust

200 E. Randolph Street

Suite 2900

Chicago, Illinois 60601

Attention: Merrillyn J. Kosier

 

4


IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date of first above written.

 

Ariel Investment Trust
By: /s/ Merrillyn J. Kosier
Name:  Merrillyn J. Kosier
Title:  Vice President
Teachers Insurance and Annuity Association of America
By: /s/ Hal Moody
Name: Hal Moody
Title: Senior Director

 

5


SCHEDULE A

ADMINISTRATIVE SERVICES RELATING TO THE PORTFOLIOS

Insurer shall provide certain administrative services respecting the operations of the Fund, as set forth below. This Schedule, which may be amended from time to time, as mutually agreed upon by the Parties, constitutes an integral part of the Agreement to which it is attached. Capitalized terms used herein shall, unless otherwise noted, have the same meaning as the defined terms in the Agreement to which this Schedule relates.

 

A. Records of Portfolio Share Transactions; Miscellaneous Records

1.        Insurer shall maintain master accounts with the transfer agent of the Fund on behalf of each Portfolio. Such accounts shall bear the name of Insurer as the record owner of Portfolio shares on behalf of each Separate Account invested in the Portfolio.

2.        Insurer shall maintain a daily journal setting out the number of shares of each Portfolio purchased, redeemed, or exchanged by Contract owners each day, as well as the net purchase or redemption orders for Portfolio shares submitted each day, to assist the Fund and the Fund’s transfer agent in tracking and recording Portfolio share transactions, and to facilitate the computation of each Portfolio’s net asset value per share. Insurer shall promptly provide the Fund and the Fund’s transfer agent a copy of such journal entries or information appearing thereon in such format as may be reasonably requested by the Fund from time to time. Insurer shall provide such other assistance to the Fund and the Fund’s transfer agent as may be necessary to cause various Portfolio share transactions effected by Contract owners to be properly reflected on the books and records of the Fund.

3.        In addition to the foregoing records, and without limitation, Insurer shall maintain and preserve all records as required by law to be maintained and preserved in connection with providing administrative services hereunder.

 

B. Order Placement and Payment

1.        Insurer shall determine the net amount to be transmitted to the Separate Accounts as a result of redemptions of each Portfolio’s shares based on Contract owner redemption requests and shall disburse or credit to the Separate Accounts all proceeds of redemptions of Portfolio shares. Insurer shall notify the Fund of the cash required to meet redemption payments.

2.        Insurer shall determine the net amount to be transmitted to the Fund as a result of purchases of Portfolio shares based on Contract owner purchase payments and transfers allocated to the Separate Accounts investing in each Portfolio. Insurer shall transmit net purchase payments to the Fund’s transfer agent.

 

C. Accounting Services

Insurer shall perform miscellaneous accounting services as may be reasonably requested from time to time by the Fund, which services shall relate to the business contemplated by the Participation Agreement between Insurer and the Fund, as amended from time to time. Such

 

6


services shall include, periodic reconciliation and balancing of Insurer’s books and records with those of the Fund with respect to such matters as cash accounts, Portfolio share purchase and redemption orders placed with the Fund, dividend and distribution payments by the Fund, and such other accounting matters that may arise from time to time in connection with the operations of the Fund as related to the business contemplated by the Participation Agreement.

 

D. Reports

Insurer acknowledges that the Fund may, from time to time, be called upon by the Fund’s Board of Directors (“Board”), to provide various types of information pertaining to the operations of the Fund and related matters, and that the Adviser also may, from time to time, decide to provide such information to the Board in its own discretion. Accordingly, Insurer shall provide the Adviser and/or the Fund with such assistance as the Adviser and/or Fund may reasonably request so that the Fund can report such information to the Fund’s Board in a timely manner.

Insurer shall provide the Fund with such assistance as the Fund may reasonably request with respect to the preparation and submission of reports and other documents pertaining to the Fund to appropriate regulatory bodies and third party reporting services.

Insurer shall transmit prospectuses, proxy materials, reports, and other information required to be sent to shareholders pursuant to the federal securities laws subject to the terms agreed to by the Distributor and the Insurer in the Participation Agreement.

Insurer shall create and transmit all forms and reports required to be sent to Contract owners pursuant to the federal tax laws.

 

E. Account Statements and Internet Access to Account Information

1.        Insurer shall prepare and deliver periodic account statements to Contract owners showing for each Contract the total number of Portfolio shares held as of the statement closing date, purchase and redemption of Portfolio shares during the statement period.

2.        Insurer shall in accordance with applicable law send Contract owners confirmations related to the processing of purchases and redemption of Portfolio shares.

3.        Insurer shall establish Internet access for Contract owners to view account balances and perform certain limited transactions, as determined by the Insurer, in respect of Portfolio shares.

 

F. Fund-Related Contract Owner and Miscellaneous Services

Insurer shall provide such other services with respect to Contract owners as the Fund may request from time to time that are not otherwise covered by any other agreement, including, assistance with soliciting voting instructions from Contract owners and tabulating the same. In addition, Insurer shall perform such other administrative services for the Fund as mutually agreed between Insurer and the Fund from time to time.

 

7


SCHEDULE B

Portfolios

 

Ariel Fund    

Institutional Class

  ARAIX   040337842
Ariel Appreciation Fund    

Institutional Class

  CAAIX   040337834
Ariel Focus Fund    

Institutional Class

  AFOYX   040337826
Ariel Discovery Fund    

Institutional Class

  ADYIX   040337818
Ariel International Fund    

Institutional Class

  AINIX   040337875
Ariel Global Fund    

Institutional Class

  AGLYX   040337859

 

8


SCHEDULE C

The annual fee for the administrative services provided under this Agreement, as described in Exhibit A, is 0.10% (ten basis points) of the average daily net asset value of the Institutional Class shares of the Portfolios of the Fund attributable to the Contracts issued by the Insurer and shall be paid on a quarterly basis in arrears.

 

9

Exhibit (8)(A16)

ADMINISTRATIVE SERVICES AGREEMENT

Teachers Insurance and Annuity Association of America (the “Insurer”) and Parnassus Investments (the “Adviser”) (collectively, the “Parties”), mutually agree to the arrangements set forth in this Administrative Services Agreement (the “Agreement”), effective the     of             , 2016.

WHEREAS, the Adviser serves as the investment adviser to the Parnassus Core Equity Fund (the “Fund”); and

WHEREAS, the Insurer issues variable annuity contracts (collectively, the “Contracts”) on an individual and group basis; and

WHEREAS, the Insurer has entered into a participation agreement with the Fund (the “Participation Agreement”) pursuant to which the Fund has agreed to make shares of its portfolios listed in Schedule B hereto (“Portfolios”) available for purchase by one of the Insurer’s separate accounts thereof (the “Separate Account”), in connection with the allocation by Contract owners of purchase payments to corresponding investment options offered under the Contracts; and

WHEREAS, the Fund and its Portfolios derive substantial savings in administrative expenses by virtue of having the Separate Account of the Insurer as a single shareholder of record of Portfolio shares, rather than having numerous individual shareholders of such shares; and

WHEREAS, the Insurer performs the administrative services listed on Schedule A hereto in connection with the Contracts issued by the Insurer which provide for investments in selected Portfolios of the Fund; and

WHEREAS, the Insurer has no contractual or other legal obligations to perform such administrative services themselves at its own expense for any of the Portfolios; and

WHEREAS, the Insurer desires to be compensated for providing such administrative services; and

WHEREAS, the Adviser desires that the Portfolios continue to benefit from the administrative services performed by Insurer; and

WHEREAS, the Adviser desires to retain the administrative services of the Insurer and to compensate it for providing such administrative services.

NOW, THEREFORE, the Parties agree as follows:

Section 1.  Administrative Services; Payments Therefor

(a) The Adviser shall pay Insurer a fee as compensation for services performed or provided pursuant to this Agreement for the Fund, including the costs related to the office space, supplies and equipment used by personnel in providing or performing such services.

 

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(b) The Insurer shall provide the administrative services set out in Schedule A hereto and made a part hereof, as the same may be amended from time to time. For such services, the Adviser agrees to pay to the Insurer a quarterly fee (“Quarterly Fee”) set out in Schedule C hereto.

(c) The Adviser shall calculate the Quarterly Fee at the end of each calendar quarter and will make such payment to Insurer within 30 days thereafter, in a manner mutually agreed upon by the Parties from time to time.

Section 2.  Nature of Payments

The Parties to this Agreement recognize and agree that Adviser’s payments hereunder are for administrative services only and do not constitute payment in any manner for investment advisory services or for costs of distribution of Contracts or of Portfolio shares, and are not otherwise related to investment advisory or distribution services or expenses. The Insurer represents and warrants that the fees to be paid by the Adviser for services to be rendered by the Insurer pursuant to the terms of this Agreement are to compensate the Insurer for providing administrative services to the Portfolios, and are not designed to reimburse or compensate Insurer for providing administrative services with respect to the Contracts or any Separate Account.

Section 3.  Termination

Any Party may terminate this Agreement, without penalty, on 60 days written notice to the other Party. This Agreement shall terminate automatically upon:

 

  (a) the redemption of all shares of the Portfolios held in the Separate Accounts,

 

  (b) termination of the Participation Agreement,

 

  (c) as to a Portfolio, upon termination of the investment advisory agreement between the Fund, on behalf of such Portfolio, and the Adviser, or

 

  (d) the assignment of the Participation Agreement by either the Company or the Adviser.

Unless so terminated, this Agreement shall continue in effect for so long as the Adviser or its successor(s) in interest, or any affiliate thereof, continues to perform in a similar capacity for the Fund or a Portfolio, and for so long as the Insurer provides the services contemplated hereunder with respect to Contracts under which values or monies are allocated to a Portfolio.

Section 4.  Amendment

This Agreement may be amended upon mutual agreement of the Parties in writing.

Section 5.  Miscellaneous

(a)  Successors and Assigns.  This Agreement shall be binding upon the Parties and their respective transferees, successors, and permitted assigns. The benefits of and the right to enforce this Agreement shall accrue to the Parties and their transferees, successors, and permitted assigns.

 

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(b)  Assignment.  Neither this Agreement nor any of the rights, obligations, or liabilities of either Party hereto shall be assigned without the written consent of the other Party.

(c)  Intended Beneficiaries.  Nothing in this Agreement shall be construed to give any person or entity other than the Parties, as well as the Portfolios, any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the Parties, as well as the Fund and its Portfolios.

(d)  Compliance with Law.  In the performance of such services as described herein, the Insurer shall comply with applicable laws, rules and regulations.

(e)  Currency.  Payment for services performed by Insurer under this Agreement may be made in the lawful currency of the United States.

(f)  Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument.

(g)  Applicable Law.  This Agreement shall be interpreted, construed, and enforced in accordance with the laws of the New York without reference to the conflict of law principles thereof.

(h)  Severability.  If any portion of this Agreement shall be found to be invalid or unenforceable by a court or tribunal or regulatory agency of competent jurisdiction, the remainder shall not be affected thereby, but shall have the same force and effect as if the invalid or unenforceable portion had not been inserted.

(j)  Performance Standards.  Insurer agrees that in performing or providing functions or services hereunder, it shall use that degree of ordinary care and reasonable diligence that an experienced and qualified provider of similar services would use acting in like circumstances and experience in such matters and in accordance with the standards, practices and procedures established by Insurer for its own business. Insurer shall perform services according to servicing standards of the Adviser or such other standards as may be mutually agreed upon by the Parties. Insurer shall comply with all applicable laws, regulations, rules and orders in connection with providing the services hereunder. Insurer agrees to maintain sufficient facilities and trained personnel of the kind necessary to perform the services under this Agreement.

(k) Capacity of Personnel and Status of Facilities.  Whenever Insurer utilizes its personnel or contracts with others to perform services for the Adviser pursuant to this Agreement, such personnel or contract workers shall at all times remain employees or contract workers of Insurer, subject solely to its direction and control. The Adviser shall have no liability to such employees or contract workers for their welfare, salaries, fringe benefits, legally required employer contributions and tax obligations. No facility of Insurer used in performing services for or subject to use by Adviser shall be deemed to be transferred, assigned, conveyed or leased by performance or use pursuant to this Agreement.

(n)  Maintenance of Books.   The Insurer and the Adviser each shall maintain its own books, accounts and records in such a way as to disclose clearly and accurately the nature and

 

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detail of the transactions between them, including such accounting information as is necessary to support the reasonableness of charges under this Agreement, and such additional information as the Adviser may reasonably request for purposes of its internal bookkeeping and accounting operations. Insurer shall keep such books, records and accounts insofar as they pertain to the computation of charges hereunder available for audit, inspection and copying by the Adviser and persons authorized by them or any governmental agency having jurisdiction over the Adviser during all reasonable business hours. As part of its disaster recovery program, Insurer agrees to maintain back-up records, which will be available to the Adviser in the event of a disaster. All costs for the business continuity and disaster recovery program, including the use of an alternative site, if needed, in the event of a disaster, will be borne by the Insurer.

(o)  Ownership and Custody of Records.  All records, books, and files established and maintained by Insurer by reason of its performance of services under this Agreement, which absent this Agreement would have been held by the Adviser, shall be deemed the property of the Adviser and shall be maintained in accordance with applicable law and regulation. Such records should be available, during normal business hours, for inspection by the Adviser, anyone authorized by the Adviser, and any governmental agency that has regulatory authority over the Adviser’s business activities. Copies of such records, books and files shall be delivered to the Adviser on demand. All such records, books and files shall be promptly transferred to the Adviser by Insurer upon termination of this Agreement.

(p)  Audit.   The Adviser and persons authorized by the Adviser or any governmental agency having jurisdiction over the Adviser shall have the right, at the Adviser’s expense, to conduct an audit of the relevant books, records and accounts of Insurer upon giving reasonable notice of its intent to conduct such an audit. In the event of such audit, Insurer shall give to the party requesting the audit reasonable cooperation and access to all books, records and accounts necessary to audit during normal business hours.

(q)  Entire Agreement.    This Agreement constitutes the entire agreement between the Parties for the services described herein; and no other agreement, statement or promise not contained in this Agreement shall be valid or binding.

(r)  Notices.  Any notice to be given under this Agreement shall be in writing and shall be delivered, or sent by facsimile or other telecommunications facility to the address set forth below. Any such notice shall be effective when received. Any party may change its address for notice by giving notice in accordance with this Section. The present addresses are as follows:

 

  (i) the Insurer at:

TIAA

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

Attention:  Mike Kloss

 

  (ii) the Adviser at:

Parnassus Investments

1 Market Street, Suite 1600

San Francisco, CA 94105

Attention:        Scott Liffick

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date of first above written.

 

Parnassus Investments
By: /s/ Benjamin Allen
Name: Benjamin Allen
Title: Vice President
Teachers Insurance and Annuity Association of America
By: /s/ Hal Moody
Name: Hal Moody
Title: Senior Director

 

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SCHEDULE A

ADMINISTRATIVE SERVICES RELATING TO THE PORTFOLIOS

Insurer shall provide certain administrative services respecting the operations of the Fund, as set forth below. This Schedule, which may be amended from time to time as mutually agreed upon by the Parties, constitutes an integral part of the Agreement to which it is attached. Capitalized terms used herein shall, unless otherwise noted, have the same meaning as the defined terms in the Agreement to which this Schedule relates.

 

A. Records of Portfolio Share Transactions; Miscellaneous Records

1.        Insurer shall maintain master accounts with the Fund, on behalf of each Portfolio, which accounts shall bear the name of Insurer as the record owner of Portfolio shares on behalf of each Separate Account investing in the Portfolio.

2.        Insurer shall maintain a daily journal setting out the number of shares of each Portfolio purchased, redeemed, or exchanged by Contract owners each day, as well as the net purchase or redemption orders for Portfolio shares submitted each day, to assist the Adviser and the Fund in tracking and recording Portfolio share transactions, and to facilitate the computation of each Portfolio’s net asset value per share. Insurer shall promptly provide the Adviser and the Fund a copy of such journal entries or information appearing thereon in such format as may be reasonably requested from time to time. Insurer shall provide such other assistance to the Adviser and the Fund as may be necessary to cause various Portfolio share transactions effected by Contract owners to be properly reflected on the books and records of the Fund.

3.        In addition to the foregoing records, and without limitation, Insurer shall maintain and preserve all records as required by law to be maintained and preserved in connection with providing administrative services hereunder.

 

B. Order Placement and Payment

1.        Insurer shall determine the net amount to be transmitted to the Separate Accounts as a result of redemptions of each Portfolio’s shares based on Contract owner redemption requests and shall disburse or credit to the Separate Accounts all proceeds of redemptions of Portfolio shares. Insurer shall notify the Fund of the cash required to meet redemption payments.

2.        Insurer shall determine the net amount to be transmitted to the Fund as a result of purchases of Portfolio shares based on Contract owner purchase payments and transfers allocated to the Separate Accounts investing in each Portfolio. Insurer shall transmit net purchase payments to the Fund’s custodian.

 

C. Accounting Services

Insurer shall perform miscellaneous accounting services as may be reasonably requested from time to time by the Adviser, which services shall relate to the business contemplated by the Participation Agreement between Insurer and the Fund, as amended from time to time. Such services shall include, periodic reconciliation and balancing of Insurer’s books and records with

 

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those of the Fund with respect to such matters as cash accounts, Portfolio share purchase and redemption orders placed with the Fund, dividend and distribution payments by the Fund, and such other accounting matters that may arise from time to time in connection with the operations of the Fund as related to the business contemplated by the Participation Agreement.

 

D. Reports

Insurer acknowledges that the Adviser may, from time to time, be called upon by the Fund’s Board of Directors (“Board”), to provide various types of information pertaining to the operations of the Fund and related matters, and that the Adviser also may, from time to time, decide to provide such information to the Board in its own discretion. Accordingly, Insurer shall provide the Adviser with such assistance as the Adviser may reasonably request so that the Adviser can report such information to the Fund’s Board in a timely manner.

In addition, Insurer shall provide the Adviser with such assistance as the Adviser may reasonably request with respect to the preparation and submission of reports and other documents pertaining to the Fund to appropriate regulatory bodies and third party reporting services.

 

E. Account Statements and Internet Access to Account Information

1.        Insurer shall prepare and deliver periodic account statements to Contract owners showing for each Contract the total number of Portfolio shares held as of the statement closing date, purchase and redemption of Portfolio shares during the statement period.

2.        Insurer shall in accordance with applicable law send Contract owners confirmations related to the processing of purchases and redemption of Portfolio shares.

3.        Insurer shall establish Internet access for Contract owners to view account balances and perform certain limited transactions, as determined by the Insurer, in respect of Portfolio shares.

 

F. Fund-Related Contract Owner and Miscellaneous Services

Insurer shall provide such other services with respect to Contract owners as the Fund may request from time to time that are not otherwise covered by any other agreement, including, assistance with soliciting voting instructions from Contract owners and tabulating the same. In addition, Insurer shall perform such other administrative services for the Fund as mutually agreed between Insurer and the Fund from time to time.

 

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SCHEDULE B

Portfolios

Parnassus Core Equity Fund

 

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SCHEDULE C

Quarterly Fee is equal to a percentage of the average daily net assets of the Portfolios attributable to the Contracts issued by the Insurer at the annual rate of [010]% of the total average daily net assets for Portfolios of the Fund.

15701394.1

 

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