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SECURITY BENEFIT
MARKETING ORGANIZATION AGREEMENT
COMMISSION SCHEDULE
NEA Valuebuilder Retirement Income Director Variable Annuity TSA & IRA
(the "Contract")
Marketing Organization:
(Broker/Dealer)
EFFECTIVE DATE OF COMMISSION SCHEDULE:
COMMISSIONS - This Commission Schedule is hereby made a part of and amends your
selling agreement including, but not limited to, the SBL Variable Products Sales
Agreement and/or Marketing Organization Agreement, as applicable (hereinafter
called the "Agreement"), with Security Benefit Life Insurance Company and
Security Distributors, Inc. (hereinafter jointly called "SBL"), and commissions
payable hereunder are subject to the provisions contained in the Agreement and
this Commission Schedule. Minimum Purchase Payments are as set out in the
applicable prospectus and Contract. Commissions to a Marketing Organization are
equal to a percentage of each Purchase Payment written by Marketing
Organization, as follows:
1. UP FRONT COMMISSIONS: The rate of commissions paid on each Purchase
Payment made with respect to each particular Contract is based on the
issue age of the Owner (or of the Annuitant if the Contract is owned by
a non-natural person) as set forth in the tables below. You may select
one of Commission Options A through D as shown in the table below at
the time of application for each Contract. IF NO SELECTION IS MADE ON
THE APPLICATION, SBL WILL PAY YOU PURSUANT TO OPTION A. You may select
a different option for each Contract but may not change the Option in
effect after the Contract is issued.
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COMMISSION OPTION OPTION A OPTION B OPTION C OPTION D
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OWNER ISSUE AGE 0 - 80 0 - 80 0 - 80 0 - 80
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8.00% 6.00% 4.00% 2.00%
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No Commission will be paid on Purchase Payments made that are less than
the minimum specified in the applicable prospectus and Contract, or for
Purchase Payments made on a contract for which the issue age of the
Owner and/or Annuitant is older than age 80.
2. ASSET-BASED COMMISSIONS: Under Commission Options B, C and D, SBL will pay
an asset-based commission as of the end of each calendar month. The amount
of the asset-based commission under each Option is equal to 1/12 of the
applicable percentage set forth in the table below times the aggregate
Contract Value of those Contracts sold under the applicable Commission
Option for which Marketing Organization is the broker of record and for
which the initial Purchase Payment is more than 12 months old. No
asset-based commission will be paid on Contracts that have annuitized under
a life contingent annuity option. An Annuitization Fee may be available as
discussed in paragraph 5.
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COMMISSION OPTION OPTION A OPTION B OPTION C OPTION D
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OWNER ISSUE AGE 0 - 80 0 - 80 0 - 80 0 - 80
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0 bps 25 bps 50 bps 75 bps
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3. TRANSFER OF CONTRACT VALUES: Unless otherwise agreed, SBL will pay no
commission (including asset based commission) on the transfer of cash,
loan, or surrender value of a life insurance or annuity contract issued or
reinsured by SBL or any affiliate thereof, or any product distributed by
Security Distributors, Inc., applied to a Contract under this commission
schedule..
4. DEATH BENEFIT APPLIED TO ANNUITY OPTION: In the event that a beneficiary of
a Contract under this Commission Schedule applies the death benefit to one
of the annuity options under the Contract, no commission will be payable
upon such application. An Annuitization Fee may be available as discussed
in paragraph 5.
5. ANNUITIZATION: An Annuitization Fee will be paid to a Marketing
Organization who secures from the Contract Owner (or his or her
beneficiary) the proper forms and information to commence an immediate life
contingent annuity option under the Contract and significantly assists the
client and SBL in such settlement. The Annuitization Fee will be equal to
4% of the amount applied to a fixed life contingent annuity option and 2%
of the amount applied to a variable life contingent annuity option.
6. COMMISSION CHARGEBACK: No chargebacks are applicable to partial
withdrawals, full surrenders or death claims, except in the event of a free
look surrender. SBL will charge back 100% of commissions in the event of a
free look surrender.
7. CHANGE OF COMMISSION SCHEDULE: Notwithstanding any other provision of the
Agreement to the contrary, the following provisions shall apply. SBL
reserves the right at any time, with or without notice, to change, modify
or discontinue the commissions, asset-based commissions or any other
compensation payable under this Commission Schedule.
8. CHANGE OF DEALER: A Contract Owner shall have the right to designate a new
marketing organization, or terminate a marketing organization without
designating a replacement, by sending written notice of such designation or
termination to SBL. Upon written notice to SBL by the owner of the
designation of a new marketing organization, all the commissions and
asset-based commissions shall be payable to the new marketing organization.
Upon written notice to SBL by the Contract Owner of termination of
Marketing Organization, without designating a new marketing organization,
SBL shall cease paying commissions and asset based commissions to Marketing
Organization.
9. TERMINATION OF THE AGREEMENT/VESTING: In the event of termination of the
Agreement for any reason, all rights to receive commissions, asset-based
commissions or other compensation under this Commission Schedule shall be
terminated, unless each of the following requirements is met: (i) the
Agreement has been in force for at least one year; (ii) Marketing
Organization is at the time such commissions are payable properly licensed
to receive such commissions; (iii) Marketing Organization is providing
service to the Contract Owner and performing its duties in a manner
satisfactory to SBL; (iv) commissions paid to Marketing Organization in the
previous calendar year amounted to at least $500; and (v) Marketing
Organization has not been terminated, nor a new marketing organization
designated, by the Contract Owner as set forth in paragraph 8 above.
THIS COMMISSION SCHEDULE replaces any previous Commission Schedule for the
Variable Annuity Contract listed above as of the Effective Date set forth above.
SECURITY DISTRIBUTORS, INC. SECURITY BENEFIT LIFE INSURANCE
COMPANY
By: _____________________________________ By: ___________________________
Title: __________________________________ Title: ________________________
