FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT
Exhibit 99.1(C)(iii)
FOURTH AMENDMENT
TO
FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of October 1, 2014 by and between MONY LIFE INSURANCE COMPANY OF AMERICA ("MONY America"), an Arizona life insurance company, and AXA NETWORK, LLC and the additional affiliated entities of AXA Network, LLC executing this Agreement below (collectively, the "General Agent").
MONY Life and the General Agent hereby modify and amend the General Agent Sales Agreement dated as of June 6, 2005 between them (the "Sales Agreement") to establish the compensation rates payable by MONY America to the General Agent on sales of Athena Indexed Universal LifeSM Series 153, Incentive Life Legacy® II, BrightLifeSM Protect and BrightLifeSM Grow Indexed Universal Life, Simplified Issue Term and Term SeriesSM 156 products, effective from and after the date hereof, as more particularly set forth on the amended and restated Schedule 1 of Exhibit A attached hereto and made a part hereof.
Except as modified and amended hereby, the Sales Agreement is in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.
| MONY LIFE INSURANCE COMPANY | AXA NETWORK, LLC | |||
| OF AMERICA | ||||
| By: | /s/ Xxxxxx Xxxxxxxx | By: | /s/ Xxxxxx Xxxxxxx | |
| Xxxxxx Xxxxxxxxx | Xxxxxx Xxxxxxx | |||
| Senior Executive Director | President and Chief Executive | |||
| and Chief Financial Officer | Officer | |||
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF OCTOBER 1, 2014
General Agent Compensation for Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of the date set forth above and is attached to and made part of the General Agent Sales Agreement dated June 6, 2005 by and between MONY Life Insurance Company of America and AXA Network, LLC.
Compensation to General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Total compensation to General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by MONY America and, where applicable, fund-based basis points as more particularly set forth in the following tables:
Commissions on renewals and 2014 and later Sales of Individual Permanent Life Insurance Products:
| Type of Premium | Percentage | |||
| MONY VUL | ||||
| First policy year up to Target | 110.0 | % | ||
| Excess Premiums (Policy Year 1) | 4.0 | % | ||
| Renewals1 | 5.0 | % | ||
| Asset Based Trailer | 0.0 | % | ||
| MONY ISWL | ||||
| First policy year up to Target | 110.0 | % | ||
| Excess Premiums (Policy Year 1) | 4.0 | % | ||
| Renewals1 | 4.0 | % | ||
| Group UL | ||||
| First Policy Year up to Target | 110 | % | ||
| Excess Premiums (Policy Year 1) | 4.0 | % | ||
| Renewals | 4.8 | % | ||
1 Policy Year 2 and later.
2
Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of October 1, 2014
| Tvpe of Premium | Percentage | |||
| Corporate Owned Life Insurance | ||||
| First Policy Year up to Target | 30.8 | % | ||
| Excess Premiums (Policy Year 1) | 13.6 | % | ||
| Renewals2 | 15.0 | % | ||
| Asset Based Trailer2 | 0.20 | %3 | ||
| Bank Owned Life (BOLI) | ||||
| Single Premium | 5.0 | % | ||
| Asset Based Trailer2 | 0.25 | %3 | ||
| Incentive Life Legacy II | ||||
| First Policy Year up to Target | 99.0 | % | ||
| Excess Premiums (Policy Year 1) | 8.5 | % | ||
| Renewals for Policy Year 2-5 | 5.8 | % | ||
| Renewals for Policy Years 6-10 | 3.8 | % | ||
| Renewals for Policy Year 11+ | 2.5 | % | ||
| Athena IUL 153 | ||||
| First Policy Year up to Target | 99.0 | % | ||
| Excess Premiums (Policy Year 1) | 8.5 | % | ||
| Renewals for Policy Year 2-5 | 8.0 | % | ||
| Renewals for Policy Years 6+ | 3.0 | % | ||
| BrightLifeSM IUL Product Series | ||||
| First policy year up to Target | 99.0 | % | ||
| Excess Premiums (Policy Year 1) | 8.5 | % | ||
| Renewals for Policy Years 2-5 | 5.0 | % | ||
| Renewals for Policy Years 6-10 | 3.0 | % | ||
| Renewals for Policy Years 11+ | ||||
| BrightLifeSM Protect | 1.0 | % | ||
| BrightLifeSMGrow | 2.0 | % | ||
| All Other MLOA Products | ||||
| First Policy Year up to Target | 110.0 | % | ||
| Excess Premiums (Policy Year 1) | 4.0 | % | ||
| Renewals2 | 5.0 | % | ||
| Asset Based Trailer | 0.0 | % | ||
2 Policy Year 2 and later.
3 Based on unloaned policy account value.
3
Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of October 1, 2014
Commissions on renewals and 2014 and later sales of Individual Term Life Insurance Products:
| Tvpe of Premium | Percentage | |||
| First Year | 99.0 | % | ||
| One Year Term Life (GF #148-51) | 10% (5% for issue ages 80 and above) | |||
| Renewals for Simplified Issue Term | ||||
| Policy Years 2-5 | ||||
| Term 10 SM | 0.25 | % | ||
| Term l5 SM | 0.25 | % | ||
| Term 20 SM | 0.25 | % | ||
| Renewals for Term Series 156 | ||||
| Policy Years 2-5 | ||||
| Term 10 SM | 7.0 | % | ||
| Term 15 SM | 10.5 | % | ||
| Term 20 SM | 14.25 | % | ||
| ART SM | 7.65 | % | ||
| Policy Years 6-10 | ||||
| Term 10 SM | 0.0 | % | ||
| Term 15 SM | 1.0 | % | ||
| Term 20 SM | 1.0 | % | ||
| ART SM | 3.15 | % | ||
Commissions on In-force Permanent Life Insurance Products (other than COLI, BOLI, Incentive Life Legacy II, Athena IUL 153, and BrightLifeSM IUL):
| Tvpe of Premium | Percentage | |||
| Renewals4 | 5.0 | % | ||
| Asset Based Trailer | 0.0 | % | ||
4 Policy Year 2 and later.
4
Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of October 1, 2014
| Commissions on In-force COLI: |
| Type of Premium | Percentage | |||
| Renewals5 | 15.0 | % | ||
| Asset Based Trailer4 | 0.20 | %6 | ||
| Commissions an In-force BOLI: |
| Tvpe of Premium | Percentage | |||
| Asset Based Trailer4 | 0.25 | %5 | ||
| Commissions on In-force Term Life Insurance Products: |
| Type of Premium | Percentage | |||
| Renewals7 | 3.0 | % | ||
| Renewals8 | 0.0 | % | ||
5 Policy Year 2 and later.
6 Based on unloaned policy account value
7 Applies to policies issued prior to 7/29/02.
8 Applies to policies issued on or after 7/29/02.
5
