FIRST AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
FIRST AMENDMENT TO GENERAL AGENT SALES AGREEMENT dated as of January 1,
2003 by and between THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
("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").
Equitable Life and the General Agent hereby modify and amend the General
Agent Sales Agreement dated as of January 1, 2000 between them (the "Sales
Agreement") to provide that all compensation due and payable by Equitable to the
General Agent on premiums and/or consideration, as the case may be, received by
Equitable on or subsequent to January 1, 2003 on life insurance policies,
qualified periodic annuities and individual qualified and non-qualified
annuities sold or serviced by the General Agent pursuant to the Sales Agreement
will be calculated and paid in accordance with the Amended and Restated
Schedules 1, 2 and 3 of Exhibit A attached hereto and made a part hereof.
The original Schedules 1, 2 and 3 of Exhibit A attached to and made a part
of the Sales Agreement shall have no force or effect with respect to the sale
and/or servicing of such products on or after such date.
Except as modified and amended hereby, the Sales Agreement is in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
General Agent Sales Agreement to be duly executed and delivered as of the day
and year first above written.
THE EQUITABLE LIFE ASSURANCE AXA NETWORK, LLC
SOCIETY OF THE UNITED STATES AXA NETWORK OF ALABAMA, LLC
AXA NETWORK OF CONNECTICUT,
By:_________________________ MAINE AND NEW YORK, LLC
Xxxxxxx X. Xxxxx AXA NETWORK INSURANCE
Vice Chairman and AGENCY OF MASSACHUSETTS, LLC
Chief Financial Officer AXA NETWORK OF PUERTO RICO, INC.
AXA NETWORK INSURANCE AGENCY
OF TEXAS, INC.
By:___________________________
Xxxx X. Xxxxxxxx
President - Retail Division
168419
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF JANUARY 1, 2003
General Agent Compensation
for
Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of January 1,
2003 and is attached to and made part of the First Amendment to General Agent
Sales Agreement dated as of January 1, 2003 by and between The Equitable Life
Assurance Society of the United States and AXA Network, LLC, et al.
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. From and after
January 1, 2003 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:
Variable Life Insurance Products
--------------------------------
Type of Premium Percentage
--------------- ----------
First Policy Year
Qualifying First Year Premiums Up to Target 99.0%
Excess Premiums 8.5%
Renewals 11.0%
Non-Variable Life Insurance Products
------------------------------------
Type of Premium Percentage
--------------- ----------
First Policy Year
Scheduled Premiums 99.0%
Qualifying First Year Premiums up to Target 99.0%
Excess Premiums 8.5%
Renewal Years 8.0%
168419
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 2
EFFECTIVE AS OF JANUARY 1, 2003
General Agent Compensation for Qualified Periodic Annuity Sales and Servicing
This Amended and Restated Schedule 2 of Exhibit A is effective as of January 1,
2003 and is attached to and made part of the First Amendment to General Agent
Sales Agreement dated as of January 1, 2003 by and between The Equitable Life
Assurance Society of the United States and AXA Network, LLC, et al.
Compensation to the General Agent in connection with the sale and servicing of
periodic premium annuity contracts qualified under Sections 401, 403 or 457 of
the Internal Revenue Code, as amended, 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 qualified periodic
premium annuity contract or certificate will be a percentage of the
consideration received by Equitable in respect of such contract or certificate
as more particularly set forth in the following tables:
Momentum Solutions, Momentum Strategy and Momentum Select
---------------------------------------------------------
Type of Product Type of Consideration Percentage
--------------- --------------------- ----------
Single Consideration 5.0%
Periodic Premium First Policy Year 5.0%
Renewal Years 4.0%
Momentum, Momentum Plus, Association and Retirement Income Annuity
------------------------------------------------------------------
Type of Product Type of Consideration Percentage
--------------- --------------------- ----------
Single Consideration 6.0%
Periodic Premium First Policy Year 6.0%
Renewal Years 6.0%
All Other Qualified Periodic Annuities
--------------------------------------
Type of Product Type of Consideration Percentage
--------------- --------------------- ----------
Periodic Premium First Policy Year 16.0%
Renewal Years 6.0%
168419
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 3
EFFECTIVE AS OF JANUARY 1, 2003
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 January 1,
2003 and is attached to and made part of the First Amendment to General Agent
Sales Agreement dated as of January 1, 2003 by and between The Equitable Life
Assurance Society of the United States 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 Equitable in respect of such contract or certificate as more
particularly set forth in the following table:
Type of Consideration Percentage
--------------------- ----------
First Policy Year 8.5%
Renewal Years 8.5%
No compensation will be paid to the General Agent in respect of the sale and
servicing of Accumulator Advisor contracts.
