Assigned Commissions. Subject to all terms of the Agreement, Company or its delegate will compensate Producer with the commissions as determined by each Carrier and Company. Company does not impose a vesting schedule on Producer. Producer is immediately vested according to each Carrier’s vesting schedule. Company shall pay no commission to Producer for the sale of any insurance policy or product unless and until Company receives payment of its commission from the Carrier that accepts an application for and issues the policy or product. Commissions paid to Producer will be net of any commissions paid to the Sub-Producer. Producer shall be solely responsible for paying all expenses incurred by Producer in performance of this Agreement. Company reserves the right to approve all commission percentages to Sub-Producers, which approval shall not be unreasonably withheld. Confirmation of first year and renewal percentages shall be made available to Producer upon written request to Company. Commissions may be modified by Company. Company will make best efforts to provide at least ten (10) days’ notice to Producer. In this event, commissions paid to Producer will be net of any commissions paid to the Sub-Producer. Company reserves the right to approve and modify all commission percentage assigned to Sub-Producers, which approval shall not be unreasonably withheld. No commission shall be deemed earned until the policy or membership agreement is issued, delivered, and accepted by the applicant. Commissions will not be paid until Company collects or receives payment of its commission from Carrier.
