Document:

Exhibit 10.44

 

IVY FUNDS, INC.

DISTRIBUTION AND SERVICE PLAN

FOR CLASS A, CLASS B, CLASS C, CLASS E, CLASS R
AND CLASS Y SHARES

 

 

This Amended and Restated
Distribution and Service Plan is adopted by Ivy Funds, Inc. (the “Company”)
on behalf of each series of the Company (each, a “Fund” and collectively, the “Funds”),
pursuant to Rule 12b-1 under the Investment Company Act of 1940, as
amended (the “Act”) to provide for payment by the Company of certain expenses
in connection with the: (a) distribution of the Company’s Class A
shares, provision of personal services to the Company’s Class A
shareholders and the service and maintenance of Class A shareholder
accounts; (b) distribution of the Company’s Class B shares, provision
of personal services to the Company’s Class B shareholder accounts and/or
maintenance of its Class B shareholder accounts; (c) distribution of
the Fund’s Class C shares and the services and maintenance of Class C
shareholder accounts; (d) distribution of the Company’s Class E
shares and the service and maintenance of Class E shareholder accounts; (e) distribution
of each of the Ivy Asset Strategy Fund, Ivy Large Cap Growth Fund, Ivy Mid Cap
Growth Fund, Ivy Small Cap Growth Fund and Ivy Science and Technology Fund’s Class R
shares and the services and maintenance of Class R shareholder accounts;
and (f) distribution of the Company’s Class Y shares and the service
and maintenance of Class Y shareholder accounts.

 

I.  CLASS A

 

With respect to each Fund
except Ivy Money Market Fund, the Company is authorized to pay to Ivy Fund
Distributors, Inc. (“IFDI”) an amount not to exceed on an annual basis
0.25 of 1% of a Fund’s average net assets of the Class A shares as either (1) a
“distribution fee” to finance the distribution of the Fund’s Class A shares,
(2) a “service fee” to finance shareholder servicing by IFDI, its
affiliated companies, broker-dealers who may sell Class A shares and other
third-parties to encourage and foster the maintenance of Class A
shareholder accounts, or as a combination of the two fees.  The amounts shall be payable to IFDI daily or
at such other intervals as the Board of Directors may determine.

 

II.  CLASS B

 

Distribution
Fee

 

With respect to each
Fund, the Company is authorized to pay to IFDI an amount not to exceed on an
annual basis 0.75 of 1% of a Fund’s average net assets of its Class B
shares as a “distribution fee” to finance the distribution of a Fund’s Class B
shares payable to IFDI daily or at such other intervals as the Board of
Directors may determine.

 

Service
Fee

 

With respect to each
Fund, the Company is authorized to pay to IFDI an amount not to exceed on an
annual basis 0.25 of 1% of each Fund’s average net assets of its Class B
shares as a “service fee”to finance shareholder servicing by IFDI or its affiliated
companies to encourage and foster the maintenance of shareholder accounts of a
Fund’s Class B shares.  The amounts
shall be payable to IFDI daily or at such other intervals as the Board of
Directors may determine.

 

III.  CLASS C

 

Distribution
Fee

 

With respect to each
Fund, the Company is authorized to pay to IFDI an amount not to exceed on an
annual basis 0.75 of 1% of each Fund’s average net assets of its Class C
shares as a “distribution fee” to finance the distribution of that Fund’s Class C
shares payable to IFDI daily or at such other intervals as the Board of
Directors may determine.

 

 

 

Service
Fee

 

With respect to each
Fund, the Company is authorized to pay to IFDI an amount not to exceed on an
annual basis 0.25 of 1% of each Fund’s average net assets of its Class C
shares as a “service fee” to finance shareholder servicing by IFDI or its
affiliated companies to encourage and foster the maintenance of shareholder
accounts of the particular Fund’s Class C shares.  The amounts shall be payable to IFDI daily or
at such other intervals as the Board of Directors may determine.

 

I.  CLASS E

 

With respect to each Fund
that offers Class E shares, the Company is authorized to pay to IFDI an
amount not to exceed on an annual basis 0.25 of 1% of a Fund’s average net
assets of the Class E shares as either (1) a “distribution fee” to
finance the distribution of the Fund’s Class E shares, (2) a “service
fee” to finance shareholder servicing by IFDI, its affiliated companies,
broker-dealers who may sell Class E shares and other third-parties to
encourage and foster the maintenance of Class E shareholder accounts, or
as a combination of the two fees.  The
amounts shall be payable to IFDI daily or at such other intervals as the Board
of Directors may determine.  This
provision shall not be applicable to Class E shares of Ivy Money Market
Fund.

 

IV.  CLASS R

 

Distribution
and Service Fee

 

With respect toeach Fund
that offers Class R shares, the Company is authorized to pay to IFDI an
amount not to exceed on an annual basis 0.50 of 1% of a Fund’s average net
assets of its Class R shares as either (1) a “distribution fee” to
finance the distribution of a Fund’s Class R shares or (2) a “service
fee” to finance shareholder servicing by IFDI or its affiliated companies to
encourage and foster the maintenance of shareholder accounts of a Fund’s Class R
shares.  The amounts shall be payable to
IFDI daily or at such other intervals as the Board of Directors may determine.

 

IV.  CLASS Y

 

Distribution
Fee

 

With respect to each Fund,
subject to the limitation on total plan fees set forth below, the Company is
authorized to pay to IFDI an amount not to exceed on an annual basis 0.25 of 1%
of each Fund’s average net assets of its Class Y shares as a “distribution
fee” to finance the distribution of that Fund’s Class Y shares payable to
IFDI daily or at such other intervals as the Board of Directors may determine.

 

Service
Fee

 

With respect to each
Fund, subject to the limitation on total plan fees set forth below, the Company
is authorized to pay to IFDI an amount not to exceed on an annual basis 0.25 of
1% of each Fund’s average net assets of its Class Y shares as a “service
fee” to finance shareholder servicing by IFDI or its affiliated companies to
encourage and foster the maintenance of shareholder accounts of the particular
Fund’s Class Y shares.  The amounts
shall be payable to IFDI daily or at such other intervals as the Board of
Directors may determine.

 

Limitation
of Total Plan Fees

 

With respect to each
Fund, the Company is authorized to pay both a distribution fee and a service
fee to IFDI provided that the total amount of fees paid to IFDI pursuant to
this Plan shall not exceed on an annual basis 0.25 of 1% of the average net
assets of that Fund’s Class Y shares.

 

 

 

V.  FINRA DEFINITION

 

For purposes of this
Plan, the distribution fee may be considered as a sales charge that is deducted
from the net assets of the applicable Class of shares of each Fund and
does not include the service fee.  The
service fee may be considered a payment made by the Company with respect to
each Fund for personal service and/or maintenance of the shareholder accounts
of the applicable Class of shares, provided, however, if the Financial
Industry Regulatory Authority (“FINRA”), adopts a definition of “service fee”
for purposes of Article III Section 26(b) of its Rules of
Fair Practice that differs from the definition of “service fee” as used herein,
or if the NASD adopts a related definition intended to define the same concept,
the definition of “service fee” as used herein shall be automatically amended
to conform to the FINRA definition.

 

VI.  QUARTERLY REPORTS

 

Any person authorized to
direct the disposition of monies paid or payable by a Fund pursuant to the Plan
or any related agreement shall provide to the Board of Directors of the
Company, and the Board of Directors shall review at least quarterly, a written
report of the amounts so expended of the distribution fee and the service fee
paid to IFDI under this Plan with respect to each Class of shares of each
Fund and the purposes for which such expenditures were made with respect to
such Class of shares of each Fund.

 

VII.  APPROVAL OF PLAN

 

This Plan shall not
become effective as to a Class or Fund until it has been approved by a
vote of at least a majority (as defined in the Act) of the outstanding voting
securities of the affected Class or the Fund.  With respect to the submission of the Plan
for such a vote, it shall have been effectively approved with respect to a Class of
shares of a Fund if a majority of the outstanding voting securities of the Class of
shares of the Fund votes for approval of the Plan, notwithstanding that the
matter has not been approved by a majority of the outstanding voting securities
of the Company or any other Fund or Class of shares.

 

The Plan shall not become
effective as to a Class or Fund until it has been approved by a vote of
the Board of Directors of the Company and by the Directors who are not
interested persons of the Company and have no direct or indirect financial
interest in the operation of the Plan or any agreement related to this Plan
(other than as Directors or shareholders of the Company) (“Independent
Directors”) cast in person at a meeting called for the purpose of voting on
such Plan and any related agreements.

 

VIII.  CONTINUANCE

 

This Plan shall continue
in effect as to each Fund and each Class of shares for a period of one (1) year
and thereafter from year to year only so long as such continuance is approved
by the Directors, including the Independent Directors, as specified hereinabove
for the adoption of the Plan by the Directors and Independent Directors with
respect to that Class of shares of that Fund.

 

IX.  TERMINATION

 

This Plan may be
terminated at any time by a vote of a majority of the Independent Directors as
to any Fund or Class of shares by a vote of the majority of the
outstanding shares of that Class or Fund without penalty.  On termination, the payment of all
distribution and service fees shall cease, and the Company shall have no obligation
to IFDI to reimburse it for any expenditure it has made or may make to
distribute a Fund’s Class of shares or services shareholder accounts of a
particular Class of shares.

 

X.  AMENDMENTS

 

This Plan may not be
amended to increase materially the amount to be spent for distribution or
services without approval by the shareholders of the affected Class of
shares of the affected Fund, and all material amendments of this Plan must be
approved in the manner prescribed for the adoption of the Plan by the Board of
Directors and Independent Directors as provided hereinabove.  The distribution and service fees may,
however, be reduced by action of the Board of Directors without shareholder
approval.

 

 

 

XI.  RELATED AGREEMENTS

 

Any agreement related to
the Plan shall be in writing and shall provide: (a) that such agreement
may be terminated at any time as to a Fund or Class of shares, without
payment of any penalty, by vote of a majority of the Independent Directors or
by vote of a majority of the outstanding voting securities of a Fund or Class of
shares, on not more than sixty (60) days’ written notice to any other party to
the agreement; and (b) that such agreement shall terminate automatically
in the event of its assignment.

 

XII.  DIRECTORS

 

While this Plan is in
effect, the selection and nomination of Independent Directors shall be
committed to the discretion of the Independent Directors.

 

XIII.  RECORDS

 

The Company shall
preserve copies of the Plan, any related agreement and any report made pursuant
to paragraph VI hereof, for a period of not less than six (6) years from
the date of the Plan, such agreement or report, as the case may be, the first
two (2) years of which shall be in an easily accessible place.

 

XIV.  SEVERABILITY

 

The provisions of this
Plan are severable with respect to each Class of shares and each Fund.

 

XV.  LIMITATION OF LIABILITY

 

It is understood and
expressly stipulated that neither the holders of shares of a Fund nor any
Director, officer, agent or employee of the Company shall be personally liable
hereunder, nor shall any resort be had to other private property for the
satisfaction of any claim or obligation hereunder, but the Company only shall
be liable.

 

IN
WITNESS WHEREOF, the
Company has adopted this Amended and Restated Distribution and Service Plan as
of this 18th day of May, 2009.

 

	
   

  	
  IVY FUNDS, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Henry J. Herrmann

  	
   

  
	
   

  	
   

  	
  Henry J.
  Herrmann, PresidentExhibit 10.46

 

IVY FUNDS VARIABLE INSURANCE PORTFOLIOS

SERVICE PLAN

 

Effective April 30, 2009

 

 

This
Plan is adopted by Ivy Funds Variable Insurance Portfolios (the “Trust”), on
behalf of each series of the Trust other than the Money Market series (each a “Fund”)
pursuant to Rule 12b-1 under the Investment Company Act of 1940, as
amended (the “Act”), to provide for payment by the Trust of certain expenses in
connection with the provision of personal services to the owners of variable
life insurance policies or variable annuity contracts funded by shares of the
Funds (“Policies”) and/or maintenance of the accounts of such Policies (“Policyowners”).  Payments under the Plan are to be made to
Waddell & Reed, Inc. (“W&R”).

 

Service
Fee

With
respect to each Fund, the Trust is authorized to pay to W&R an amount not
to exceed on an annual basis .25 of 1% of the Fund’s average net assets as a “service
fee” to finance Policyowner servicing by W&R, its affiliated companies,
broker-dealers who may sell the Fund’s shares and other third parties and to
encourage and foster the maintenance of Policyowner accounts.  The amounts shall be payable to W&R daily
or at such other intervals as the board of trustees may determine.

 

FINRA
Definition

The
“service fee” shall be considered a payment made by the Trust for personal
service and/or maintenance of Policyowner accounts, as such is now defined by
the Financial Industry Regulatory Authority (“FINRA”), provided, however, if
FINRA adopts a definition of “service fee” for purposes of Rule 2830 and
FINRA Conduct Rules that differs from the definition of “service fee” as
presently used, or if FINRA adopts a related definition intended to define the
same concept, the definition of “service fee” as used herein shall be
automatically amended to conform to the FINRA definition.

 

Quarterly
Reports

W&R
shall provide to the board of trustees of the Trust, and the board of trustees
shall review, at least quarterly a written report of the amounts so expended of
the service fee paid or payable to it under this Plan and the purposes for
which such expenditures were made.

 

Approval
of Plan

This
Plan shall become effective as to a Fund when it has been approved by a vote of
at least a majority of that Fund’s outstanding voting securities (as defined in
the Act) and by a vote of the board of trustees of the Trust and of the
trustees who are not interested persons of the Trust and have no direct or
indirect financial interest in the operation of the Plan or any agreement
related to this Plan (other than as trustees of the Trust or as Policyowners) (“independent
trustees”) cast in person at a meeting called for the purposes of voting on
such Plan.

 

Continuance

 

 

 

This
Plan shall continue in effect for a period of one (1) year and thereafter
from year to year only so long as such continuance is approved by the trustees,
including the independent trustees, as specified hereinabove for the adoption
of the Plan by the trustees and independent trustees.

 

Trustee
Continuation

In
considering whether to adopt, continue or implement this Plan, the trustees
shall have a duty to request and evaluate, and W&R shall have a duty to
furnish, such information as may be reasonably necessary to an informed
determination of whether this Plan should be adopted, implemented or continued.

 

Termination

This
Plan may be terminated as toa Fund at any time by a vote of a majority of the
independent trustees of the Trust by a vote of the majority of the outstanding
voting securities of that Fund without penalty. 
On termination, the payment of all service fees shall cease, and the
Trust shall have no obligation to W&R to reimburse it for any cost or
expenditure it has made or may make to service Policyowner accounts.

 

Amendments

This
Plan may not be amended to increase materially the amount to be spent by a Fund
for personal service and/or maintenance of Policyowner accounts without
approval of the shareholders of that Fund, and all material amendments of this
Plan must be approved in the manner prescribed for the adoption of the Plan as
provided hereinabove.

 

Trustees

While
this Plan is in effect, the selection and nomination of the trustees who are
not interested persons of the Fund shall be committed to the discretion of the
trustees who are not interested persons of the Trust.

 

Records

Copies
of this Plan and reports made pursuant to this Plan shall be preserved as
provided in Rule 12b-1(f) under the Act.

 

 

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