GENERAL AGENT SALES AGREEMENT
ELEVENTH AMENDMENT TO
This ELEVENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT,
dated as of November 1, 2021, is by and between EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA (f/k/a MONY Life Insurance Company of America), an Arizona life insurance company (“Equitable America”), and EQUITABLE NETWORK, LLC (f/k/a AXA Network, LLC), a Delaware limited liability company (“General Agent”).
Equitable America and General Agent hereby modify and amend the General Agent Sales Agreement, dated as of June 6, 2005, between Equitable America and General Agent (as previously amended, the “Sales Agreement”) to amend and restate Schedule 1 of Exhibit A of the Sales Agreement to reflect the addition of an individual term life insurance product, Term-in- 10SM.
Except as modified and amended hereby, the Sales Agreement is in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
By: /s/ Xxxxx X. Xxxx
Name:
Xxxxx X. Xxxx
Title:
Senior Executive Vice President and Chief Financial Officer
EQUITABLE NETWORK, LLC
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title:
President and Chief Executive Officer
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1 EFFECTIVE AS OF NOVEMBER 1, 2021
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 Equitable Financial Life Insurance Company of America and Equitable 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 Equitable America and, where applicable, fund-based basis points in respect of such policy as more particularly set forth in the following tables:
Commissions on renewals and 2014 and later Sales of Individual Permanent Life Insurance Products (other than Incentive Life Optimizer® III and VUL OptimizerSM Series 160):
|
Type of Premium
|
Percentage
|
|
|
|
|
Equitable America VUL
|
|
|
First policy year up to Target
|
110.0%
|
|
Excess Premiums (Policy Year 1)
|
4.0%
|
|
Renewals1
|
5.0%
|
|
Asset Based Trailer
|
0.0%
|
|
|
|
|
Equitable America 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%
|
|
Renewals1
|
4.8%
|
1 Policy Year 2 and later.
Exhibit A
Amended and Restated Schedule 1 Effective as of November 1, 2021
|
Type of Premium
|
Percentage
|
|
|
|
|
Corporate Owned Life Insurance (COLI)
|
|
|
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 and III and VUL LegacySM
Series 160
|
|
|
First Policy Year up to Target
|
99.0%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals f or Policy Year 2-5
|
5.8%
|
|
Renewals f or Policy Year 6-10
|
3.8%
|
|
Renewals f or Policy Year 11+
|
2.5%
|
|
|
|
|
Athena IUL 153
|
|
|
First Policy Year up to Target
|
99.0%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals f or Policy Year 2-5
|
8.0%
|
|
Renewals f or Policy Year 6+
|
3.0%
|
|
|
|
|
IUL Protect and BrightLife® IUL and SIUL Series
|
|
|
First Policy Year up to Target
|
99.0%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals f or Policy Year 2-5
|
5.0%
|
|
Renewals f or Policy Year 6-10
|
3.0%
|
|
Renewals f or Policy Year 11+
|
|
|
BrightLife® Protect and IUL Protect
|
1.0%
|
|
BrightLife® Grow
|
2.0%
|
2
|
Equitable AdvantageSM
|
|
|
Policy Year 1 up to Target
|
8.5%
|
|
Excess Premiums (Policy Year 1)
|
3.5%
|
|
Policy Year 2 up to Target
|
14.0%
|
|
Policy Year 2 Excess Premiums
|
5.0%
|
|
Policy Years 3-5 up to Target
|
12.75%
|
|
Policy Years 3-5 Excess Premiums
|
5.0%
|
|
Policy Years 6-7 up to Target
|
10.75%
|
|
Policy Years 6-7 Excess Premiums
|
3.0%
|
|
Policy Years 8-10
|
3.0%
|
|
Policy Years 11+
|
2.0%
|
|
|
|
|
All Other Equitable America 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 Effective as of November 1, 2021
Commissions on renewals and 2014 and later sales of Individual Term Life Insurance Products:
|
Type of Premium
|
Percentage
|
|
|
|
|
First Policy Year
|
99.0%
|
|
One Year Term Life
(Including all Term One and BrightLife Term One Series)
|
10% (5% for issue
ages 80 and above)
|
|
|
|
|
Renewals for Simplified Issue Term
|
|
|
Policy Year 2-5
|
|
|
Term 10SM
|
0.25%
|
|
Term 15SM
|
0.25%
|
|
Term 20SM
|
0.25%
|
|
|
|
|
Renewals for Term Series 156
|
|
|
Policy Year 2-5
|
|
|
Term 10SM
|
7.0%
|
|
Term 15SM
|
10.5%
|
|
Term 20SM
|
14.25%
|
|
ARTSM
|
7.65%
|
|
Policy Year 6-10
|
|
|
Term 10SM
|
0.0%
|
|
Term 15SM
|
1.0%
|
|
Term 20SM
|
1.0%
|
|
ARTSM
|
3.15%
|
|
Renewals for Term-in-10SM
|
|
|
Policy Year 2-5
|
|
|
10-year level premium plan
|
6.5%
|
|
15-year level premium plan
|
9.0%
|
|
20-year level premium plan
|
11.75%
|
4
Exhibit A
Amended and Restated Schedule 1 Effective as of November 1, 2021
Commissions on In-force Permanent Life Insurance Products (other than COLI, BOLI, Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® III, VUL OptimizerSM Series 160, Athena IUL 153, IUL Protect and BrightLife® IUL and SIUL Series, and Equitable AdvantageSM):
|
Type of Premium
|
Percentage
|
|
|
|
|
Renewals4
|
5.0%
|
|
Asset Based Trailer
|
0.0%
|
Commissions on In-force COLI:
|
Type of Premium
|
Percentage
|
|
|
|
|
Renewals4
|
15.0%
|
|
Asset Based Trailer4
|
0.20%5
|
Commissions on In-force BOLI:
|
Type of Premium
|
Percentage
|
|
|
|
|
Asset Based Trailer4
|
0.25%5
|
Commissions on In-force Term Life Insurance Products:
|
Type of Premium
|
Percentage
|
|
|
|
|
Renewals6
|
3.0%
|
|
Renewals7
|
0.0%
|
4 Policy Year 2 and later.
5 Based on unloanedpolicy account value.
6 Applies to policies issued prior to 7/29/02.
7 Applies to policies issued on or after 7/29/02 and before 2014.
5
Exhibit A
Amended and Restated Schedule 1 Effective as of November 1, 2021
Commissions on Incentive Life Optimizer® III and VUL OptimizerSM Series 160
|
Type of Premium
|
Percentage
|
|
|
|
|
Heaped Compensation
|
|
|
First Policy Year up to Target
|
99.0%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals f or Policy Year 2-5
|
5.8%
|
|
Renewals f or Policy Year 6-10
|
3.8%
|
|
Renewals f or Policy Year 11+
|
2.5%
|
|
Asset Based Commissions on Unloaned Account Value
(Policy Year 11 et seq.)
|
10 bps
|
|
|
|
|
Semi-Heaped Compensation
|
|
|
First Policy Year up to Target
|
58.7%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals for Policy Year 2-5 (up to Target)
|
15.0%
|
|
Renewals for Policy Year 2-5 (Excess Premiums)
|
7.0%
|
|
Renewals for Policy Year 6-7 (up to Target)
|
13.0%
|
|
Renewals for Policy Year 6-7 (Excess Premiums)
|
5.0%
|
|
Renewals f or Policy Year 8-10
|
2.0%
|
|
Renewals f or Policy Year 11+
|
1.5%
|
|
Asset Based Commissions on Unloaned Account Value (Policy Year 8 et seq.)
|
30 bps
|
|
|
|
|
Liquidity Rider Compensation (only applies to Incentive Life
Optimizer® III, not to VUL Optimizer Series 160)
|
|
|
First Policy Year up to Target
|
36.7%
|
|
Excess Premiums (Policy Year 1)
|
8.5%
|
|
Renewals for Policy Year 2-5 (up to Target)
|
8.0%
|
|
Renewals for Policy Year 2-5 (Excess Premiums)
|
7.0%
|
|
Renewals for Policy Year 6-7 (up to Target)
|
6.0%
|
|
Renewals for Policy Year 6-7 (Excess Premiums)
|
5.0%
|
|
Renewals f or Policy Year 8-10
|
2.0%
|
|
Renewals f or Policy Year 11+
|
1.5%
|
|
Asset Based Commissions on Unloaned Account Value (Policy Year 8 et seq.)
|
30 bps
|
6
