FOURTH AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT dated as of
November 1, 2004 by and between AXA EQUITABLE LIFE INSURNACE COMPANY (formerly
known as The Equitable Life Assurance Society of the United States) ("AXA
Equitable"), a New York stock life insurance company, having offices at 0000
Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000, and AXA NETWORK, LLC, a
Delaware limited liability company having offices at 0000 Xxxxx Xxxx Xxxx,
Xxxxxxxxxx, Xxxxxxxxxxxx 00000 and the AXA Network subsidiaries executing this
Agreement below (collectively, the "General Agent").
AXA Equitable and the General Agent hereby modify and amend the General Agent
Sales Agreement dated as of January 1, 2000 between them, as previously amended
(the "Sales Agreement") to provide for the compensation due and payable
thereunder on sales of VUL (PHI Code: 6550) and Seven Pay SPIA (PHI Code: 6551)
from and after the date hereof as more particularly set forth in Amended and
Restated Schedules 1 and 3 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.
AXA EQUITABLE LIFE INSURANCE AXA NETWORK, LLC
COMPANY AXA NETWORK OF ALABAMA, LLC
AXA NETWORK OF CONNECTICUT,
By: /s/ Xxxxxxx X. Xxxxx MAINE AND NEW YORK, LLC
----------------------- AXA NETWORK INSURANCE
Xxxxxxx X. Xxxxx AGENCY OF MASSACHUSETTS, LLC
Vice Chairman and AXA NETWORK OF PUERTO RICO, INC.
Chief Financial Officer AXA NETWORK INSURANCE AGENCY
OF TEXAS, INC.
By: /s/ Xxxxxx X. Xxxxx
---------------------------
Xxxxxx X. Xxxxx
President - Retail Division
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EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF NOVEMBER 1, 2004
GENERAL AGENT COMPENSATION FOR LIFE INSURANCE SALES AND SERVICING
This Amended and Restated Schedule 1 of Exhibit A is effective as of November 1,
2004 and is attached to and made part of the General Agent Sales Agreement dated
January 1, 2000 by and between AXA Equitable Life Insurance Company and AXA
Network, LLC.
Compensation to the General Agent in connection with the sale and servicing of
life insurance policies will be calculated on a policy by policy basis.
Compensation paid hereunder will be allocated to commissions and expense
allowances as the parties may from time to time agree consistent with the
provisions of Section 4228 of the New York State Insurance Law. Total
compensation to the General Agent in respect of the sale and servicing of each
life insurance policy will be a percentage of the premiums received by Equitable
in respect of such policy as more particularly set forth in the following
tables:
Commissions on Variable Life Insurance Products other than COLI 04 and VUL (PHI
Code: 6550)
Type of Premium Percentage
--------------- ----------
First Policy Year
Qualifying First Year Premiums up to Target
Excess Premiums
Renewals
Commissions on COLI `04
Type of Premium Percentage
--------------- ----------
First Policy Year
Qualifying First Year Premiums up to Target
Excess Premiums
Renewals
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Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of November 1, 2004
Commissions on VUL (PHI Code: 6550)
Type of Premium Percentage
--------------- ----------
First Policy Year
Qualifying First Year Premiums up to Target
Excess Premiums
Renewals
Commissions on Non-Variable Life Insurance Products
Type of Premium Percentage
--------------- ----------
First Policy Year
Scheduled Premiums
Qualifying First Year Premiums up to Target
Athena Universal Life
Other non-variable life insurance products
Excess Premiums
Renewals - Policy Years 2-5
Renewals - Years 6 et seq.
Athena Universal Life products
Equitable Universal Life products
Other non-variable life insurance products
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EXHIBIT A
AMENDED AND RESTATED SCHEDULE 3
EFFECTIVE AS OF November 1, 2004
General Agent Compensation
for
Individual Qualified and Non-Qualified Annuity Sales and Servicing
This Amended and Restated Schedule 3 of Exhibit A is effective as of November 1,
2004 and is attached to and made part of the Fourth Amendment to General Agent
Sales Agreement dated as of November 1, 2004 by and between AXA Equitable Life
Insurance Company and AXA Network, LLC, et al.
Compensation to the General Agent in connection with the sale and servicing of
all annuity contracts other than tax qualified periodic premium annuity
contracts will be calculated on a contract by contract and certificate by
certificate basis. Compensation paid hereunder will be allocated to commissions
and expense allowances as the parties may from time to time agree consistent
with the provisions of Section 4228 of the New York State Insurance Law. From
and after January 1, 2003 total compensation to the General Agent in respect of
the sale and servicing of each such annuity contract or certificate, other than
Accumulator Advisor contracts, will be a percentage of the consideration
received by AXA Equitable in respect of such contract or certificate as more
particularly set forth in the following table:
Commissions on Annuities other than Seven Pay SPIA (PHI Code: 6551)
Type of Consideration Percentage
--------------------- ----------
First Policy Year
Renewal Years
Commissions on Seven Pay SPIA (PHI Code 6551)
Type of Consideration Percentage
--------------------- ----------
First Policy Year
No compensation will be paid to the General Agent in respect of the sale and
servicing of Accumulator Advisor contracts.
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